Comments on: Lowered Our Rate With A Phone Call http://www.everybodylovesyourmoney.com/2008/04/08/lowered-our-rate-with-a-phone-call.html Living for today - Planning for Tomorrow Wed, 17 Mar 2010 15:11:40 -0700 http://wordpress.org/?v=2.9.1 hourly 1 By: Meenakshi http://www.everybodylovesyourmoney.com/2008/04/08/lowered-our-rate-with-a-phone-call.html/comment-page-1#comment-140411 Meenakshi Wed, 09 Apr 2008 19:34:13 +0000 http://www.everybodylovesyourmoney.com/2008/04/08/lowered-our-rate-with-a-phone-call.html#comment-140411 Yes - most mortgage companies have what they call the "accelerated ownership program" where if your loan is in good standing, you are eligible for a lower interest rate (market rate) for what it would cost you to get some loan modification papers notarized. We just did this for about $20 (cost of $5 per notary seal). I can give you more details if you like. Yes – most mortgage companies have what they call the “accelerated ownership program” where if your loan is in good standing, you are eligible for a lower interest rate (market rate) for what it would cost you to get some loan modification papers notarized. We just did this for about $20 (cost of $5 per notary seal). I can give you more details if you like.

]]> By: trip http://www.everybodylovesyourmoney.com/2008/04/08/lowered-our-rate-with-a-phone-call.html/comment-page-1#comment-140048 trip Tue, 08 Apr 2008 20:14:49 +0000 http://www.everybodylovesyourmoney.com/2008/04/08/lowered-our-rate-with-a-phone-call.html#comment-140048 There is something called a 'rate modification', which costs much less than a refi but does lower the primary mortgage interest rate. I <a href="http://www.mtgprofessor.com/A%20-%20Refinance/refinancing_vs_contract_modification.htm" rel="nofollow">found this</a> which explains it better than I ever could. I inquired about it with my lender a while back and they could not get the rate as low as current market. I think they offered to lower our rate half a percent or something. There is something called a ‘rate modification’, which costs much less than a refi but does lower the primary mortgage interest rate. I found this which explains it better than I ever could.

I inquired about it with my lender a while back and they could not get the rate as low as current market. I think they offered to lower our rate half a percent or something.

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