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how to take advantage of low mortgage interest rates?

My husband and I have lived in our home for 6 years. when we financed we split our loan (1st and 2nd mortgage) to avoid PMI. Three years ago, I completed my education and of course ended up with large student loans. We refinanced our 2nd mortgage…..RESPONSIBLY to help lower the interest of the student loan rates. After looking into the new low interest rates for mortgages, we are discouraged because of the housing market we are now upside down, and unable to take advantage of these incredible rates. I am wondering if anyone could guide us in a way that we would be able to qualify for the rates?????


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4 Responses to "how to take advantage of low mortgage interest rates?"

  1. bud68 says:
    There is no way to refi with negative equity unless you can come up with the difference in cash.
  2. the ramonanizer says:
    you want to call project lifeline/hope now. most consumer agencies are only going to want to help you if you are unable to meet your current debt obligations so there may some considerable leg work you may need to do. you also want to open up the lines of communication with your lender, doing so allows them to know you want to tough it out and keep your debt obligation current, but want to change things around. most banks have retention teams and modification specialist, however if your current your going to have to do more work than the person at risk for foreclosure
  3. Pumpkin says:
    One piece of advice which cannot be overlooked when re-financing a home, is asking an expert in the re-financing industry for advice. These experts may have costly consulting fees associated with their assistance but most homeowners would agree these fees are certainly worthwhile especially if the result in a significant cost savings for the homeowner.

    Re-financing can be quite complex and difficult for those outside of the industry to fully understand, however, those in the industry spend their days devoted to learning more about re-financing, keeping up to date with changes in the industry as well as new developments and figuring out how to best serve the customers. All of these characteristics make it clear that homeowners should really consider employing the services of a financial planner with a great deal of experience in re-financing when they are making decisions regarding the best re-financing option for their situation.

  4. ShumB says:
    I have checked on the Student Loan Website because they are in line with inflation and should have gone down this year. I was correct as of 6 March 2009 the rate is 1.5 %. This is clearly cheaper than a mortgage. If you are having problems paying then you should be able to appeal to them. I have never earned enough to pay any of mine off (10 years now) although I work full time and am only now just under the limit, but it does just go on what you earn and not your partner or husband earn so every year you can apply for deferred payments. If you come in under the limit on your own wage you do not have to pay. My argument is leave it till you can afford it – it doesnt count towards anything anyway. I have just had a new mortgage granted but as I am not paying my student loan off they didnt have to take it into account, only what you are actually paying out of your wages.

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