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Can I lower my mortgage without refinancing?

When we bought the house 3 years ago there were two incomes coming in, now we just have one income and the savings are gone. I have good credit, but my cc’s are filling up – I do not want to hurt my credit, but am pretty close to getting in some trouble. What can I do to lower my mortgage to get back on track? Would I have to refi or is there any way my current lender can re-adjust?

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5 Responses to "Can I lower my mortgage without refinancing?"

  1. mailaccount63 says:
    remodification
  2. Wayne Z says:
    What is your current rate? If it is already pretty low, refinancing won’t do you much good.

    Someone I know was able to lower his rate just by calling his mortgage company and threatening to refinance elsewhere.

    If the income situation isn’t going to improve, sometimes you just have to face facts, sell the house and then get something smaller.

  3. golferwhoworks says:
    depends on your current rate as to refi or not refi. It also depends on equity in the home as well. If you have substantial equity then you may want to refi just to pay off the cc
  4. Doctor Deth says:
    why would they do that?

    if you have less income, you might not qualify for refinancing and chances are you probably owe more than the house is currently worth, so you won’t be able to refi at all

    house values have dropped 20-50% in most of the country, since you bought the house

  5. nomoremortgageblogger says:
    You would end up better off cash flow wise to refinance and roll the credit card debt into the loan. What happens is you are taking the higher rate compounded interest debt on the credit cards and moving it over to the simple interest mortgage which is also a tax write off. This results in a lower overall payment on your debt saving you real cash each month you can apply towards your debt or where you need it.

    Unfortunately you may have some trouble qualifying because your income is lower, your savings is gone, and your credit score should be dropping as the credit card balances have risen.

    If you want to find out where you stand, go to our site and request some free information.

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