Low Mortgage Rates: 7 Things You Need to Know to Refinance

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I have been in my home for 10 years. Purchase date December 1999 with a mortgage rate of 8.5%. I still reside in my home as of 2012 and my rate never changed. What can I do?

Delicia Smith of PA 11:08PM April 26, 2012

i like to refinance my house, but also i got a second mortgage the interest rate is 6.08%. i will like to refinance now because the rate is low. Also i will like to know wich mortgage company is good...!!!??

nela of MD 10:56PM April 16, 2010

I absolutely agree with every word the author has written in this article!

food recipes of AL 11:31PM March 25, 2010

I want to thank the blogger very much not only for this post but also for his all previous efforts. I found some usefull information on www.myinterestonlymortgage.com which extremely interesting. I will be coming back here.

jone of KS 11:36PM March 15, 2010

I have home mortgage of 6.25% and I'm not saving a penny all my check money going toward the house. I called my mortgage company for home modification and i have all the document the operator route my call to the bank refining group instead of the modification team. He told me they can lower ($200.00) from my loan. I went to mortgage advisors to work with my bank for home modification but the charge $3.500 dollars and it takes 4 to 8 months. I’m trying to lower my mortgage.

ahmed of VA 1:53PM January 06, 2010

I HAVE A HOUSE AND THIS COMPANY NAME IS HOME BUYER NETWORK AND THEY WANT TO GET WITH MY MORTGAGE COMPANY TO LOW THE INTEREST RATE. THIS WAY MY HOUSE NOTE WOULD BY 750.00 A MONTH, BUT I NEED TO PAY THEM 600.00 DOLLARS WHILE WAITING FOR THE ANSWER FROM CHASE.
I WAS WITH FIRST HORIZON AND SOMEHOW I ENDED UP WITH CHASE BANK AS MY MORTGAGE HOLDER, WHEN CHASE RECEIVED MY LOAN THEY JUMP MY HOUSE NOTE 200.00 DOLLAR MORE SAYING THAT MY TAXES HAD GONE UP AFTER CHECKING WITH THE TAX OFFICE WE COULDNOT FIND ANYTHING ABOUT TAX GOING UP. NOW THAT TIME HAS GOT SO HARD I AM NOT ABLE TO FOOT MY HOUSENOTE AT 1,210.00 A MONTH, I AM ON A FIX LOAN MY INTEREST RATE IS 6.00 PERCENT. I DO NOT WANT TO LOSE MY HOUSE BUT I NED HELP FAST.

SHIRLEY MIMS of TX 1:32PM September 14, 2009

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Aiyana of OR 2:58PM March 30, 2009

I was recently laid off from my part time job and so my husband and I called our lender, First Horizon to inquire about a possible refinance to make adjusting to one income easier to manage. (I do realize how blessed we are to have the one income.)In minutes we were told we would qualify but there were no specific answers available about the actual closing costs. Still we were lead to believe that it would run $2,500 to $3,000 so we asked that they send us the full information. Our lender over nighted a full loan application! But with closing costs written at $6,000 and they did not set up the loan as we had asked at all. We had never signed anything and had only given the loan agent information on the phone. When the loan application came so very quickly and was not written as we expected and with closing costs double what expected, we got spooked and just emailed the loan officer that we were not going to do a re-fi right now but maybe later. I received a letter from our lender, First Horizon stating that they are going to bill our credit card company $500 dollars because we did not go through with their offer! This is supposedly legal because deep in the last pages of the loan application is a statement saying that by law the lender can charge this fee. I could maybe understand a $50.00 fee for the paper work as long as the lender warns you up front that you will be charged that fee. But $500.00 is outlandish when you have no way of knowing the charge will be made until it is too late. You really need to warn people that just finding out if refinancing will help you is going to cost you $500.00. Lesson here. NEVER, NEVER TRUST A MORTGAGE PERSON OF ANY KIND!

Chris of TN 10:15AM March 26, 2009

Come on ROBERTO GARAPOLO of GA and VINNY of CT how about giving the rest of us a break and taking the caps off!
thanks!!

curt of AL 1:10PM March 25, 2009

WOW BLESS THEIR HEARTS----- APPARENTLY YOU ARE IN TROUBLE AND THE ONLY APPARENT WAY OUT IS TO REFINANCE. FIRST YOU MUST IMPROVE YOUR CREDIT SCORES SO A PRIME INTEREST RATE CAN BE REALIZED.
IF YOU HAVE CONSISTANTLY PAID YOUR HOME MORTGAGE DEBT YOU SHOULD BE IN A POSITION TO NEGOTIATE A FAVORABLE RATE-- YOU CAN ALSO REDUCE YOUR OVERALL DEBT BY GETTING A SECOND JOB/
IT IS POSSIBLE TO GET WORK EVEN IN THESE TOUGH TIMES OR YOU CAN WALK AWAY FROM YOUR HOME AND HAVE THE REST OF THE U.S. WORKING PUBLIC PAY FOR A HOME YOU PROBABLY COULD NOT AFFORD IN THE FIRST PLACE. YOU BANKER SOUNDS LIKE A GAUGING LENDER SO WHY CONTINUE TO DO BUSINESS WITH HIM

ROBERTO GARAPOLO of GA 9:34PM March 21, 2009