Mortgage Question

Timetopay · Aug 10, 2007

Any of you think you could get the bank to renegotiate the rate?

Meaning not a whole refinancing deal but just an arbitrary drop of rate if you told them you might have to turn back the house.

If i could save a point or two and they could save a fictious foreclosure you think I could negotiate it?

I know new docs would have to be drawn up but has anyone seen any flexibility.

fhmesq44 · Aug 10, 2007

what is your current rate?

Timetopay · Aug 10, 2007

Got a 30 year fixed interest only for 10 years at 6.5. Paid no closing cost as I took the higher rate in lue of upfront costs about a year ago.

The only problem I can see is I have been paying more than even the fully amortized payment is so they might wonder why but I could say a job change or some shit.

fhmesq44 · Aug 10, 2007

are you just trying to shave a point or so off the loan?

Timetopay · Aug 10, 2007

Yeah figure if they think Im having tough times maybe they knock it down to like 5 so they keep a paying customer in these times.

WVU · Aug 10, 2007

you will find no better than 6.25% right now on a 30 year fixed so i do not see how you can save close to a point from your current 6.5

winbet · Aug 10, 2007

Timetopay said:
Yeah figure if they think Im having tough times maybe they knock it down to like 5 so they keep a paying customer in these times.

They hear this every day of the Year. Unless you have zero collateral in the house and the prices are falling they'll call your bluff. :drink:

Timetopay · Aug 10, 2007

WVU I understand that for new mortgages. Companies have a rate for newbie especially with thr risk right now but what im thinking is these companies dont want an inventory of houses and foreclosures so maybe they would find a way to keep people in.

Timetopay · Aug 10, 2007

winbet said:
They hear this every day of the Year. Unless you have zero collateral in the house and the prices are falling they'll call your bluff. :drink:

I dont think u understand the magnitude of whats happening in the mortgage and banking industry right now.:drink:

WVU · Aug 10, 2007

Zero chance that they will renegotiate your interest rate. The most they will do for you is offer you a chance to refinance your loan at current interest rates. No one is getting anything close to 5%.

TheRightWing · Aug 10, 2007

If the bank you're speaking of was already servicing your loan and thought it was a fit for their portfolio loans,maybe......

any word of foreclosure you can nix this idea.

fhmesq44 · Aug 10, 2007

You have a number of problems.

First, the lenders often package their mortgages and sell them once closed. They aren't typically portfolio loans so you may be dealing with a different company.

Secondly, as Winbet points out, until you are in major default under your loan they aren't likely to listen to you. You are current and amortizing the loan, you are just jerking with them and they likely do hear this all the time.

Third, any person you deal with is going to be a junior paper pusher (which is about all residential mortgages are). They won't have any authority on this and will tell you it can't be done.

Won't hurt to ask, but they won't do anything.

oldmanTED · Aug 10, 2007

Timetopay said:
Yeah figure if they think Im having tough times maybe they knock it down to like 5 so they keep a paying customer in these times.

No way the bank is going to renegotiate down to 5%. Regardless of the failure of subprime loans and foreclosures, it's not going to happen. Depending on how long you are into the 10 year fixed portion, the feds are already showing signs of easing interest rates by the end of the year. The loan and foreclosure situation is going to get worse before it gets better and the economy will slow because of it. The feds want to assure inflation is in check before lowering rates. Expect that to happen no later then 2008.

bulldogboogers · Aug 10, 2007

fhmesq44 said:
You have a number of problems.

First, the lenders often package their mortgages and sell them once closed. They aren't typically portfolio loans so you may be dealing with a different company.

Secondly, as Winbet points out, until you are in major default under your loan they aren't likely to listen to you. You are current and amortizing the loan, you are just jerking with them and they likely do hear this all the time.

Third, any person you deal with is going to be a junior paper pusher (which is about all residential mortgages are). They won't have any authority on this and will tell you it can't be done.

Won't hurt to ask, but they won't do anything.

i think FHMESQ44 IS RIGHT ON. :103631605

Dante · Aug 10, 2007

I refinanced to went with a 15 Yr 6.9 ( or close to that not exactly sure)

Huge amt goes to the house VS a TON to interest and a little to equity...

been 5 yrs into and have built good equity

when I choose to sell ill be sitting pretty

Timetopay · Aug 10, 2007

Thats why I come to all you smarts fe11as.

Didnt really think it would be a great chance just was wondering if it was worth a shot.

Old Man Ted I just started the program so have about 9 years left but regardless the rate is locked in for the full 30.

So I can sit back and wait to see if we get some drops.

joeyfitzclick · Aug 10, 2007

Timetopay - you may have a point but you 0 chance.

oldmanTED · Aug 10, 2007

Timetopay said:
Thats why I come to all you smarts fe11as.

Didnt really think it would be a great chance just was wondering if it was worth a shot.

Old Man Ted I just started the program so have about 9 years left but regardless the rate is locked in for the full 30.

So I can sit back and wait to see if we get some drops.

Been in the market for many, many years and this is the worst lending failure and foreclosure rate I've ever seen and it will continue at least into 2008. Real estate is cyclical but don't expect any price bounceback until a number of years have passed when demand exceeds supply due in part to this particular period of time with it's lessoning of applications for new construction. However, do expect the fed funds rate to begin to be lowered and you may be in a position to refinance at a later date and come out with a better loan then you currently have if you so choose.

fhmesq44 · Aug 10, 2007

Dante said:
I refinanced to went with a 15 Yr 6.9 ( or close to that not exactly sure)

Huge amt goes to the house VS a TON to interest and a little to equity...

been 5 yrs into and have built good equity

when I choose to sell ill be sitting pretty

I don't understand why people do this. Why would you take a loan with a higher interest rate? Why not just take the better rate but pay as if you had the shorter amortization period? You could have refinanced at some point over the past 5 years to a rate in the 5s and saved yourself 1.5% interest per year yet continued to make the same payments.

Timetopay · Aug 10, 2007

Yeah 15 year mortgages I thought were less than 30 years. So why a 6.9 rate?

You can find to this day 15 mortgages with better rates than that.

Mortgage Question

Old School

Woah, woah, Daddy's wrong, Mommy's right.

Old School

Woah, woah, Daddy's wrong, Mommy's right.

Old School

New member

Rx. Senior

Old School

Old School

New member

Wooooooooh Nelly look em' go!!!

Woah, woah, Daddy's wrong, Mommy's right.

Professional At All Times

''AKA'' MONGO SLADE FROM BROOKLAND, NY

Active member

Old School

" Thanks for tip Bricktop "

Professional At All Times

Woah, woah, Daddy's wrong, Mommy's right.

Old School

Forum statistics

Share this page