Lowering Mortgage Rate without refinance

[jetsetter]

What is the name of your state? New Jersey

Hello all,

I heard that it is possible to lower the Mortgage Rate without Refinance? Is this true? Let me explain.....On Wednesday rates are most likely to go down significantly. I purchased my condo 2 months ago, my credit is good, and someone told me that I can call my lender and ask for my rates to be lowered in case Federal Reserve lowers rates nationwide? Is it realistic??

Thank you.

[moburkes]

Originally Posted by jetsetter

What is the name of your state? New Jersey

Hello all,

I heard that it is possible to lower the Mortgage Rate without Refinance? Is this true? Let me explain.....On Wednesday rates are most likely to go down significantly. I purchased my condo 2 months ago, my credit is good, and someone told me that I can call my lender and ask for my rates to be lowered in case Federal Reserve lowers rates nationwide? Is it realistic??

Thank you.

Um, not very.

[HUD-1]

If you were behind on your payments, they could do a Loan Modification and permanently lower the interest rate as part of a workout... othersise keep and eye on the rates and refi if it makes financial sense.

[HomeGuru]

Originally Posted by jetsetter

What is the name of your state? New Jersey

Hello all,

I heard that it is possible to lower the Mortgage Rate without Refinance? Is this true? Let me explain.....On Wednesday rates are most likely to go down significantly. I purchased my condo 2 months ago, my credit is good, and someone told me that I can call my lender and ask for my rates to be lowered in case Federal Reserve lowers rates nationwide? Is it realistic??

Thank you.

**A: there is no automatic loan rate reduction just for the asking even if the Feds lowered the rate to 4.79%.