I am a homeowner, bought our house in Sep 2007 with 100% financing. Want to know ways to lower our mortgage ?

Question

I am in search of finding a way where one can renegotiate with the bank of lowering our interest rate. We have 2 loans and want to combine and get a lower rate. Please help.....

Answer 1

In my opinion, you should use another approach.  YOU should split

the payments into 2 parts and pay 1/2 on the first and

1/2 on the 15th and that will take 7 yrs off your mortgage debt of

7 yrs.

IF you can add to those payments, an extra payment, and state

that that payment is just for principle, you can cut up to 18 more

years off your payments.

Answer 2

Just call to refinance and see if they will combine both loans into a first mortgage. In most cases your property would have had to increase by at least 10% and in some cases 20% before they will consider it.

It is doubtful they will do a 95%-100% loan for the property. That or come up with some money to pay down the debt.

Also check with other lenders they are not all equal. If yours won't do it another one might. Check out those that are a broker. They represent more loan options.

Good luck.

Answer 3

Do you know what the value is?  Are you upside down in the property?  If so you will be stuck unless you have a mortgage about to adjust.  FHA has a new program coming out in Oct this year to help those with a ARM that is adjusting.  

Get in touch with a good Mortgage Broker that is FHA approved.