Can I lower the interest rate on my mortgage without refinancing?
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 http://www.checkmyrate.com.
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.
