Unloading a time shareRefinance now or hold out?Good debt vs. bad debtGetting a lower mortgage rateDebt snowballTo mortgage or notWhat to do with inheritanceDebt settlement good or bad?Unhappy about CD ratesShopping for a credit cardMaking payments on two housesWhy invest?Late payment once; rate doublesPay debts or invest?Lenders and collectorsTrapped in an option ARMBad financial adviceTackling debtHelping son with debtHow can I persuade my mortgage lender to lower the interest on my mortgage? My credit is 680, excellent payment record, paying interest of 7.25 percent fixed on a $747,960 loan -- $5,545.26 per month, including taxes and insurance. Plus a HELOC for $210,000 at 7.6 percent.Ann San Diego, Calif. Ann, You can't -- that's not how banks work. You have to get their attention first. Seriously, talk to another bank about refinancing. When you return to your bank and talk about a payoff, they won't want to lose you and will be ready to talk. Go with the bank that has the best deal. You can get a better interest rate, but watch the closing costs. If you can't beat your current rate by at least 1 percent, then it's not worth it. advertisementRelated Links:Great credit scores pay off for coupleHow to design an efficient kitchenNational home equity loan averagesRelated Articles:Home equity ratesRefinance not only optionHome equity ratesprevious question | next question
How can I persuade my mortgage lender to lower the interest on my mortgage? My credit is 680, excellent payment record, paying interest of 7.25 percent fixed on a $747,960 loan -- $5,545.26 per month, including taxes and insurance. Plus a HELOC for $210,000 at 7.6 percent.Ann San Diego, Calif.
Ann, You can't -- that's not how banks work. You have to get their attention first. Seriously, talk to another bank about refinancing. When you return to your bank and talk about a payoff, they won't want to lose you and will be ready to talk. Go with the bank that has the best deal. You can get a better interest rate, but watch the closing costs. If you can't beat your current rate by at least 1 percent, then it's not worth it.
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