When you are looking for new mortgage rates to save hundreds of dollars each month, mortgage professionals recommend you to refinance along with your existing mortgage. Sometimes, it can bring bitter experience for borrowers. In the article, we will learn how to get a new mortgage rate without refinancing. Building up a good understanding and relationship with your lender you can find a new and affordable mortgage rate without refinancing. Let’s find more about this:
Find out current interest rate:
This is the first step to find new mortgage rates without refinancing. Contact with your existing lender to know about the current interest rate. In order to compare the mortgage rates of your current lenders with others you need to find the current mortgage interest rates. It will help you to conduct a comparison between the interest rate of your existing lenders and those of others.
Determine the interest rate of other lenders:
After having the current interest rate of your existing lender, you need to determine the interest rates of other lenders including bank, insurance company, financial institution, and lending farm. If you find that other lenders are offering mortgage at cheap and affordable mortgage rates, you can bargain with your current lenders to install new interest rate.
Discuss with your lenders:
Discuss with your existing lenders about the possibility of approving cheap mortgage rates without refinancing. You should conduct a cooperative discussion with your lender to convince him. Please never be emotional and excited while talking about the fact. In this regard a good understanding with lenders can bring positive results to get an affordable mortgage rate without refinancing.
Prepare and submit a formal letter:
If your existing lenders are any banks or financial organizations, submit a formal letter in order to get an affordable mortgage rate without refinancing. On the other hand, if you issue your mortgage from an individual you have no need to prepare any formal letter. This letter will work as a document that you have requested to the authority for lower interest rates. Keep in mind that never uses any slang or scaring words and sentences in your letter. It can hamper the whole process of having an affordable mortgage rate without refinancing.
Present a statement of your hardship:
Finally, you need to submit a bank statement to your lender regarding your present economic hardship. It will encourage your lender to offer you an affordable and cheap mortgage rate without refinancing.