Getting Lower Rate

Expert, localized Los Angeles answers provided by Heather Roy

Getting Lower Rate
	Dear Edith Lank, Isn't there some type of refinancing in which one calls or e-mails the mortgage company and asks to continue the mortgage at a lower rate? We have had a mortgage of 9.5 percent for the last 14 years. We'd like to just get our rate lowered and continue with the same company. How can this be done? No points, no paper, no sweat, just lower percentage!

	If you have an FHA or VA loan, you can apply for "streamlined" refinancing with few closing costs.That can be done with some other lender if yours doesn't handle the program. Sometimes a lender will agree to "re-cast" your exiting mortgage with a lower interest rate.You have nothing to lose by contacting your mortgage company and asking what's available.
	Edith Originally published on March 20, 2005

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