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Posted: 6/17/2002 8:24:28 AM EDT
Have any of you been suceesful in bringing down your mortgage with your present company by calling/comunicating your desire to do so?

I want to refi my home but don't wish to go to all the hassle going to new people to do it.

Link Posted: 6/17/2002 8:40:19 AM EDT
nope, never done this.  my off-the-top-of-my-head response would be that it is very difficult to get a lender to make changes that benefit you but hurt him.  i would wager, if i were a bettin' gal, that you won't succeed.

however, it's ALWAYS worth a try.  [:)]
Link Posted: 6/17/2002 9:00:02 AM EDT
Link Posted: 6/17/2002 9:00:30 AM EDT
I would go see the mortgage broker that did your existing loan.  They make their money through fees in writing mortgages.  I redid mine because the rates dropped so much from two years ago.  I was able to get a "streamlined" application and refinance without so much paper work.  The broker got his fees and I saved 2% on my rate.  It will not take very long to recoup the broker fees in interest saved.  Watch-Six
Link Posted: 6/17/2002 9:06:52 AM EDT
I just signed the papers on a refinance last Monday.  I contacted my present lender, told them what I was interested in and they took care of the rest.  Even came to the house to sign the papers.

My new payment is $75 higher than my old one but I will pay it off 10 years sooner and save $98,000 in interest.
Link Posted: 6/17/2002 9:18:56 AM EDT
It is most likely that they will offer to refi your existing loan with a new one rather than make any adjustments. In all likelyhood they have sold your loan to a third party and wouldn't have that kind of control anyway. Generally, that means that lenders cannot be preferencial to existing customers.

Post more ?'s if you have them. I am proficient in this field.
Link Posted: 6/17/2002 10:05:09 AM EDT
Just call your current mortgage company. Ask if they have refinance options available. The problem with refinancing is that they get to re-write the mortgage note (they don't just change the interest rate on the existing mortgage). You don't have as much hassle to go thru as you originally did when you got the mortgage. However, things like the plot plan, lien search, etc (along with all the charges) can usually be built into the new loan.

I've refinanced a number of times, and usually your current mortgage holder will allow a refinance, especially if you tell them that you'll go to someone else and you are just giving them 1st refusal.

Like I said, they re-write the note, so make sure you compare it to your existing mortgage note. They tend to add/delete sections to the new loan that may cause problems. Ex. Won't finance a home with underground oil tank; difficult to finance a home that has asbestos shingles or covered pipes; no refund of overpaid interest; not allow assumption of mortgage, etc. Of course, it depends on where you live, and they will add the cost of getting these type problems resolved into the new loan.

Link Posted: 6/17/2002 11:43:45 AM EDT
Yes...Do it!  I successfully renegotiate for a much lower rate plus cash out from the same Mortgage company. And yes, they will be gladly do it for you providing that you are in good standing with them i.e. no late payment and so on....This is a good time to do it specially when you want to pay off those credit card who ripped you off with big whooping rate and plus you'll get a taxe brake on the interest.
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