How to Lower a Mortgage Interest Rate Without Refinancing

If you do not want to refinance your mortgage, a loan modification might reduce your interest rate. However, for your lender to approve your modification, you will have to prove you are suffering financial hardship. Alternatively, you can tell your lender you are considering refinancing, preferably with another lender, and ask if they could lower your interest rate. Your lender might reduce your interest rate to keep your loan. However, this depends entirely on your lender. If you are struggling to pay your mortgage, a loan modification has a better chance of success.

1.Contact an approved housing counselor, and ask what choices you have. Housing counselors approved by the Department of Housing and Urban Development offer free advice on how to reduce your mortgage costs. They can even help you negotiate with your lender.

2.Call your lender and ask to speak to the loss mitigation department. This is the department that has the power to reduce a mortgage's interest rate. Explain you are going through a financial hardship and need a loan modification that reduces your mortgage's interest rate. Your lender will ask for documentation that proves your financial hardship and your ability to pay the modified loan.

3.Provide your lender with the necessary documentation. This will include bank statements, a hardship letter explaining why you are struggling with your mortgage and a family budget detailing your income and monthly expenses. Fill in and sign the forms, and send them back to your lender. If the loan modification is approved, your interest rate will drop.

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