Can I Get A Good Mortgage Rate To Use In Today’s Market?
Why ask for a rate reduction on your mortgage
“Due to high competition between financial institutions offering mortgages, their rates of interest has dropped significantly low. On the other hand the cost of living has hiked really high. This is one of the major reasons why one can be unable to afford his home mortgage. If you are in such a scenario, you can avoid bankruptcy or foreclosure by talking to your bank and requesting for a rate reduction on your mortgage. The process may be lengthy taking as much as six months and involving a fair deal of paperwork though it’s worth a shot. It may save you from the possible risk of losing your house. ”
Tips on increasing your chances of mortgage rate reduction
“You may be facing the hardship of financial instability; nonetheless your mortgage company still remains a business institution. It is therefore not a guarantee that you will get a rate
reduction on your mortgage. To increase your chances, make sure you know your facts. Another tip that can boost your chances of getting a rate reduction is having enough information on your rights to affordable housing as provided by the MHA (making home affordable) organization. It is a plan set up by the United States Treasury that makes the process of refinancing and mortgage rate reduction bearable for millions of citizens hence saving them from foreclosure. The institution also encourages lower mortgage rates. ”
“There are two ways of asking for a mortgage rate reduction. One, you can seek for the service of a loan modification company. This is the best option. The company will appoint an attorney who will assist you or rather represent you in the process. The second option is self representation where you directly deal with your lender. This option may be very tedious especially if you are not so familiar with legal matters. ”Source: www.usmortgagerates.com