How can you get your mortgage and second mortgage lowered?

Answer 1

Lowered by the amount owed or by a lower interest rate? For lowering your rate, you can either refinance or modify your mortgage(s). If you have equity in your home, you might be able to combine your first and second mortgage for an overall lower rate. There are some no-cost mortgage loan refinances available, but you have to shop around for them. For lowering the amount owed to the bank or balance of the loan, check for "hardest hit" in your state or county for forgivable mortgages by the government or set your payments up on an accelerated payment plan.

Important factor for bad credit second mortgage loan is the closing cost. These costs are normally less than the closing costs which are attached with the initial mortgage loan. Apart from the closing cost and due, few lenders also charge upfront cost which represent total percent debt. The borrower also pays point for decreasing the total interest of the loan amount. Thus it's important to collect knowledge about all the above points before availing second mortgage loan; this would help the borrower to get much lower rates.