In order to obtain a lower mortgage rate without refinancing your home, you first need to assess your current situation. Anyone can apply for a lower mortgage rate, but not everyone is qualified to receive one without going through the refinancing process. If you are in a financial hardship, there are steps that you can take that may lead you towards the approval of a lower mortgage rate without the need the refinance your home.
Things You Will Need
Retain copies of all of your financial statements and any other documentation that proves your financial hardship. This includes your bank statements, paycheck stubs, unemployment compensation and bills. In order to qualify for a lower mortgage rate without refinancing your home, the bank has to confirm that you are indeed in a financial hardship according to their standards. Some of the reasons that are usually accepted include disability, loss of employment, injury and illness.
Contact your mortgage company as quickly as possible. The application process for a lower mortgage rate without refinancing your home is a lengthy one and can take several weeks for approval.
Request a loan modification. The purpose behind a loan modification is to make a permanent change to at least on of the terms of the loan in an effort to reduce the payments to ones that are affordable. If approved, the lender may agree to extend the term of your loan, which results in lower payments or they may agree to lower your interest rate.
Negotiate with your mortgage lender. All companies are different and some may not accept your request. If this is the case, arrange a meeting with the lender and discuss whether or not you have any additional options to lowering your mortgage rate without refinancing your home.Array