Mortgage modification request?

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I recently refinanced my home to borrow money and pay off another home of mine. Unfortunately, I refinanced my home prior to when the mortgage rate were declining. I did find out that i can request for a mortgage modification to a lower rate (6.5% on a jumbo loan). Does any body have any experience and tips on doing so?

Thanks in advance to those who help.
I currently live in San Jose, CA

  1. Reply
    May 1, 2011 at 12:24 am

    first…the JUMBO rates have been going up….and will stay up!

    I work with over 440 lenders…and Par rates are around 7.25% for 30yr fixed.

    2nd ….the rates went back up. Rates are affected by 10yr bonds..and the bonds shot right through the roof!

    rates are higher now then they were before the FED lowered the rates

  2. Reply
    Mary B
    May 1, 2011 at 12:48 am

    Banks will do this as a one-time courtesy for higher-end borrowers with excellent credit.

    The reason they extend the courtesy, is they know that if they don’t, these borrowers will EASILY take their business somewhere else, and in some instances, they will WAIVE all closing costs in order to secure the loan.

    You usually have to have a good relationship with a manager, as it requires upper-level management approval, but it’s done more than people realize.

  3. Reply
    May 1, 2011 at 1:38 am

    I agree with Mary B, but would like to add that modification of mortgages also are obtained when a borrower has problems with a loan. This applies to homeowners who can prove they have been given a loan that may have compliance error’s, or in some case’s, fraud. In any event, contact your lender and request the application form that lender uses. Upon review, they will contact you with their decision within 1 week to10 days. Good Luck!

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