Possible to call to get mortgage interest reduced?
Is is possible to call the lender and get your interest rate reduced? We’ve had this loan for about 3 years, never missed a payment. It’s not an ARM, but it IS a high interest rate. It was originally part os an 80/20 loan.
Refinancing in NY is expensive b/c of all the taxes, so I don’t want t do that at this moment. So- can I call up the lender and get the rate reduced- even temporarily?
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My loan is not distressed, but I would like to lower my mortgage rate. A full refinancing is expensive due to all the fees, including the NY tax to record mortgages and title insurance etc. I would like to just amend my existing mortgage with Citibank and thus not have a new mortgage. Does anyone know if you just amend the existing mortgage, do you still need new title searches, insurance etc? It would seem if nothing but the rate changes and the existing mortgage remains in place you would not need all that. Has anyone done this?
ps don’t even know if citi would agree since it just less money to them but I may as well try as I could save quite a bit.