How To Reduce Monthly Mortgage Payments without Refinancing

Sept. 26, 2012 - PRLog -- Sometimes, through no fault of your own, your monthly gross income changes. Maybe you’ve had to take a pay cut in order to keep your job, or maybe you’ve taken on the care of your elderly mother, who requires full-time nursing, only part of which is covered by her insurance. Whatever the reason, you’re now having some trouble making your mortgage payment. You feel that a lower interest rate on your mortgage would lessen the monthly payment, but don’t want to go through a loan refinance. So, how do you lower your mortgage rate without refinancing? Let’s take a look at that.

If you’ve ever thought to yourself, “how can I lower my mortgage interest rate?” here are some answers. A really good way to get a lower interest rate is to obtain a loan modification. This is a change in the terms of your current loan, not a pay-off with a new loan crafted, like a refinance. HUD-approved housing counselors can give you advice about how to lower your rate. After talking with a counselor, contact your lender and speak to the loss mitigation department, which has the power to lower a mortgage’s interest rate. Tell them that you’re having financial hardship and that you need a loan modification. Be ready to show documentation that indicates you’ll be able to handle the modified loan payment. Give your lender the proof required and fill out the paperwork. If your modification is approved, your rate will come down.

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The U. S. government offers what is called a HAMP –home affordable modification program – that can answer the question of how to lower mortgage payments. This modification plan was developed for people just like you – hardworking folks doing their best to get along in a rather unpredictable world. Some of the criteria for qualifying for a HAMP are having a debt-to-income ratio of higher than 31%, being employed but enduring financial hardship, and the house you’re trying to modify the loan on is your primary residence. You may go through your lender to apply for this program.

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