Anyone have getting bank to lower Mortgage Rate

[LD1]

Just as the title says. Anyone have any luck getting their mortgage holder to lower their rate for them without the BS and closing costs of a re-fi????

I will try to keep this short, so...

I currently owe $116,500 on my 15yr loan. With the amount that I am paying (including a little overpayment) It will be paid off in 3-1-2022. That is @ 5.25%

I heard an ad on the radio that 5/3 bank is offering 10yr fixed @ 3.09%:thumbsup: And that is at the cost of 0.875 points. So I figure IF I can refi with them, and roll the closing costs back into the loan, it would put me in the $120,000 ballpark. BUT I am not looking to lower my payments. Rather I am looking to shorten my term. So, @ 120k and 3.09%, If I just keep paying what I am currently, (a little over pay but not as much) Loan would be paid off 4-1-2021. So I would save 11 months worth of payments on the back end:thumbsup:

BUT I am planning on calling my current mortgage holder (everhome mortgage), and seeing what they can do, IF they can do it without the whole re-fi and paperwork and apraisal, etc. IF they can jsut drop the rate, 3.5% would get me the same as a 120k refi @ 3.09.

So after a little deerhunting in the morning, I will call them and basically say "Drop my rate to under 3.5% fixed or I am re-financing elsewhere". I figure it cant hurt to try.

So does anyone have any advise, words of wisdom, tips, tricks, etc. Anyone been down this road and succeeded??

 

[Uncle Doug]

We spent about an hour on the phone with Chase this week trying to do the same thing. Chase bought our loan from another bank. After about an hour it comes down to a $400 application fee plus $2600 closing fee to refi my $56,000 outstanding home equity loan. The big issue is that I no longer have a first mortgage. They would then require a conventional mortgage complete with home inspections and apraisals.

Sounds like a bunch of jumping through hoops, no wonder people are just waking away instead of dealing with the hassle.

 

[MicroPilot]

Hmmm...Farm Credit Services routinely calls me to let me know that the rate has dropped, and ask if I want to convert to the new rate. There is a small processing fee, usually $150 to $200, and I've got a new interest rate.

 

[forgeblast]

go through a different lender like lending tree, etc. they will put you in touch with other banks to lend cutting though the bs. Wells fargo would not refi our loan, we had a house loan and home equity (ivf cost a lot) and after we had our daughter we wanted one payment. They gave us a huge run around, to the point the attorney generals office was involved and we finally were given fees and $$ back.
We went with a company recommended by lending tree. We were refinanced and guess who bough our mortgage, wells fargo. But there were no fees to us, shop around and then see if your bank will match if they dont go with someone else.

 

[MossflowerWoods]

Just as the title says. Anyone have any luck getting their mortgage holder to lower their rate for them without the BS and closing costs of a re-fi????

LD1,

I have Everhome mortgages on my two rentals, and they are both under 3% for the next year, so I don't care about refi there.

But my Ranch is with a small local bank and I'm at 5.25% also. I have a smoking high credit rating, but I tried Lending Tree and everyone with "Farm" in their name and I got bupkus.

NOBODY will touch my 51 acres without a HUGE additional injection of cash (I put 10% down, and paid all closing costs with cash).

I would LOVE to lower my payment...
Best of luck sir. I'm curios what you will learn.
David

 

[Bird]

It seems that you just never know what a mortgage company might do. In 1997, I bought a new double wide mobile home and let the dealer arrange financing since he could get me a better interest rate than my bank or credit union. A couple of years later, some outfit I had never heard of in Florida offered to refinance it at a lower interest rate. I called the company that had the financing already, and instead of "refinancing" they just lowered my interest rate and sent an "addendum?" to the original contract.

We bought this house 6 years ago and because of some uncertainties at the time, I went with a 30 year mortgage with 20% down and cash for all the closing costs. Prime Lending arranged the mortgage at a tenth of a percent less than my credit union wanted, i.e., 5.75%, and a lot less trouble. I knew the mortgage would be sold to some bank, and it went to Wells Fargo. Of course I've been paying a little extra each month anyway, but a year ago, they called and offered their in home, no cost, refinancing, with several options, if I was interested. So I went with a 15 year mortgage at 4.125%. Now I know I could have beaten that interest rate a little bit, but there would have been closing costs, appraisal fees, etc. The refinance and a complete new mortgage with Wells Fargo was done at no cost to me, except what I paid a notary. Wells Fargo even paid the shipping costs both directions for all the paperwork.

Like you, I wasn't looking for lower payments (one of the options they offered), I was looking for shorter term and lower interest rates.

 

[LD1]

Little update here...

Everhome was NOT able to do a loan modification.

But they did offer me to re-finance conventionally @ 3.25%/10yrs with 0.875% points.

I told them thanks but no thanks as I was going elsewhere that offered me the 3.25% @ 0 points, or 3.0% @ 0.875 points.

Trying to be a salesman, he tryed to persuade me to take the 3.25 @ 0.875 and telling me about all of the hastles with swapping banks, transfering escrows, etc. I was not interested in hearing it.

I called my cousin who is the branch manager @ my local USBANK, and whom I have been banking with (checking, savings, autos, etc.) for awhile.

She said their rates were the same as 5/3, 3.25% @ 0 points:thumbsup:

AND since I bank there, I fall into the "premier" package which gets me a pretty good discount on closing costs. So my closing is only going to add avout $1000 bak into the loan:thumbsup:

All told, and my current payment, I should save 11 months off the back end of the loan:thumbsup:

 

[Toyboy]

We just went through this w/our bank from a 15yr 5.125 to a 10 yr 3.3

No appraisal, no points, and less than $500 in closing fees that are associated with a mortgage. Bank sent out the papers to sign and set closing a week later. Wham, bam, thank you mam. Piece of cake.

 

[scoutcub]

I've been pokin around,too. Tryin to lose the mortgage insurance on my place, thats another whole thread.
Recently got this from farm credit....
This is after they already lowered the rate on my land, from 5.8 to 5.375....not much., but they just did it automatically. I'll be callin em as soon as I get home in a few weeks. Been very good to deal with, I would highly recommend them. One issue.....they're limited in States where they operate.






September 2011

Published quarterly by Farm Credit Services of Mid-America

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[bdeboer]

Farm Credit has always been good for us also. Pay the $200 fee and that is about it. They even gave us an unsolicited rate reduction earlier this year.