Getting a lower mortgage rate

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.