Lower home mortgage rate?

How to lower my home mortgage rate without refinancing?

5 Answers

  • R P
    Lv 7
    5 months ago

    Pay off the balance owed.

  • 5 months ago

    Pay off 100% of the debt, and then your mortgage rate will drop to zero. Note this usually requires a big inheritance / payout from a life insurance policy, or winning the lottery. { Hey, you asked. }

  • 5 months ago

    Some lenders will do a loan modification - sometimes called a streamlined refinance - but they are not obligated to do so.

    Basically if they think they will lose your business in a refinance they might reduce your rate without all the paperwork and fees in order to keep you.

  • 5 months ago

    Pay additional money each month. The extra is applied to premium reduction which in the end will lower the total interest you pay over the life of the loan. The terms of the contract (interest rate) cannot be modified without refinancing unless there is a way specified in that contract to do so.

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  • 5 months ago

    You can ask your lender if they would be willing to consider a loan modification.  They are not obligated to.  If they aren't, then a refinance is your only option.  

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