Can I lower the interest rate on my mortgage without refinancing?

Question by suttonsigep: Can I lower the interest rate on my mortgage without refinancing?
I am considering refinancing, but I am not really too sure yet. Is there any way that I could call my current lender and just negotiate a lower interest rate with them? This way I could possibly avoid all of the closing costs, etc that are associated with refinancing. Has anyone had any luck with this?

Best answer:

Answer by Noone i
My immediate response is: No

What do you think? Answer below!

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12 Responses to Can I lower the interest rate on my mortgage without refinancing?

  1. Zune- Spanks the Ipod! says:

    Nope, what you are trying to do is essentially the same as refinancing.

  2. Erin Z says:

    No you can’t

  3. Johnny A says:

    ummmm…im going to go with NO WAY!

  4. wcinct says:

    No, a mortgage is not like a credit card. However, you can refinance your mortgage through your current lender, but there will be paperwork and fees.

  5. YodasTatoo says:

    Some lenders will negotiate with you, especially if you let them know you’ll be refinancing with another company. What could it hurt to call up your mortage co. and ask?? If they say no, just take your business someplace else.

  6. Michael says:

    Very doubtful. The only time they do this is for drastic situations or if there was a re-negotiating clause in your original loan agreement(yes, these do exist.). An example would be if you were going to default, they might do this to help you to avoid foreclosure.
    Even though lenders have been known to do this it is very rare and you are most likely going to have to re-fi to get a lower rate.

  7. engineer50 says:

    Not unless you qualify under the voluntary subprime loan adjustment plan.

  8. rivasj27 says:

    No you can not.. You have to refinance and draw up a new contract at the new rate

  9. DannoREA says:

    What you propose is called a mortgage modification. It can’t hurt to ask. You would modify the note and the mortgage. There are some fees associated with this, but not nearly as many as with a straight refinance. Worth a shot IMO.

  10. budhah1 says:

    Yes you can… Yes you can. I have done this many times in last 20 years. Sometimes it cost me a little paper work fee. but was easy done, and the bank was happy to do it with me. They knew that I could just walk down the street and get another loan elsewhere if they did not work with me.

    When I bought some of the units I was paying 14% int. and got them down to under 9% by the time they were paid off. Some even lower,

    My bank at the time was OLD NATIONAL out of Evansville In.

    I can’t understand all the no answers, It is just a simple rate adjustment, just like an ARM. duh???

  11. webllinks says:

    Yes you can! There is a website that allows you to search for a lower interest rate that may be available with your CURRENT bank.

    The banks often won’t tell you that there is a better rate available with them…You can (and definitely should) avoid the costs of refinancing if you can find a better rate with your current bank.

    Check out

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