Answers
With all the help available to prevent foreclosure, how can i take advantage?
my mortgage rate is fixed and i have no trouble making my payment but is there something i can take advantage of to make my terms even better
Best Answer:
Probably not unless you start missing payments or are heading towards a financial hardship. The best you might be able to do now with your current loan is call the bank and ask them what programs they could offer if you were expecting to start missing payments. But anything they do to "help" you would probably do more to help the bank later on. If you can put off making some payments now, you might just end up having to pay back more later on as interest accrues. There's very little chance they will modify the terms of the loan to make it more affordable for you. If you're on top of the payments, then they aren't in danger of losing money on the loan right now. If you want a lower rate, you might be better off trying to get a refinance. That would help your credit, as well, by paying off one large mortgage loan with no late payments. But trying to work with your current lender just to get a lower rate or payments might result in unintended consequences that cost you more down the road. Hope that helps. Good luck. ForeclosureFish
Answers:
Talk to a mortgage broker about refinancing at a lower rate. There is no other way.
Yes, the only way to get a better rate is if you refinance. If you have the good payment history, and steady job, I am sure that your mortgage company will give you no hassles regarding a refinance. Make sure to shop around for the best terms...