How to get a lower interest rate on existing Home Loan Get!

The last few weeks I have several options that you face foreclosure and what you can do to get back on track can discuss with your bank. This week I'm watching a slightly different topic, but in my opinion be of great interest to many people.

Did you know that you can reduce your interest rate without refinancing, without immediately a new mortgage, and without the payment of a large refinancing fees? It 'true! The banks are only human andhow people who are willing to negotiate and cooperate with you, you will get what they want. The secret to a lower interest rate may seem complicated, but it is not. The secret is to call and ask your bank! Just ask your bank for a lower interest rate.

Now I know what you think, because my bank just give me a lower interest rate? To understand this, you need to look at things across the table. The bank is in business to raise fundsthe money they lend. If you call them and say: Hello Mr. Banker, I am planning to refinance my loan, so I get a lower interest rate. But if you give me a lower interest rate on my existing loan will be with you.

Now the bank wants to collect the money, because after all you have to make payments for the past year, and look at you like a cash cow, still paying the mortgage. If you lose, then they mustfind someone to replace the cash flow and they hope that the person pay on time. So it's easier for you to give a lower interest rate and keep the money from you, to go through all this.

The advantage for you is that you do not lose the years that you've already paid your mortgage. It 'a great way to save money and it's easy and fast. After a call to the bank and declare a lower interest rate would not allow some banks, such asReduce interest rates. Sometimes it is because of the type of credit you have to do some banks and not only. But it never hurts to ask, and you could end up saving thousands of dollars over the next year.

Lowering the interest rate is generally known as a loan modification. Here's a little bonus ... This technique can be successful even with credit cards or other debts that you pay interest to apply. The principles of this technique arealways the same.

Just so you know, the only real requirement for this technique is that you call and ask. Each qualified. To try and see what happens. Until next time good luck and God bless you and remember ... If you have any questions on savings or selling your home or real estate issues on which you want to know more about, please email me and would answer your questions in this column.

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