to lower my interest rate do I have to refinance?

I bought my first home in September 2008 and got a 7% interest rate. I have never been delinquent on a payment or missed a payment and I'd like to have my rate lowered. Do I just call my mortgage company and ask for their policy or will I need to go through the whole refinance process? My house is worth less now than when I bought it so I'm worried I wont qualify for refinancing, however my payments are manageable, and I have a steady job. Any advice?

Asked By: love-a-bull - 7/6/2009
Best Answer - Chosen by Asker
Call your mortgage company and ask them if they have any kind of "streamline" program that can lower your interest without actually all the expense of refinancing... More
Answered By: glenn - 7/6/2009
Additional Answers (3)
You most likely will need to refinance.
Answered By: Alterfemego - 7/6/2009
Generally, yes. If by any chance you have an FHA loan, look into the FHA "Streamline" refi option.
Answered By: jlf - 7/6/2009
Yes, you go through the whole mortgage process again. AND re-pay all the closing fee's. Your home being worth less is a problem, and because you are making all your payments on time, you don't qualify for any government help ( your home is not in jeopardy )....people had to be irresponsible to get the governments... More
Answered By: jonny j - 7/6/2009
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