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Open Question: Any good advice on how to lower a interest rate when a lender won't ba

Open Question: Any good advice on how to lower a interest rate when a lender won't ba

This is a discussion on Open Question: Any good advice on how to lower a interest rate when a lender won't ba within the Mortgage Refinancing forums, part of the Mortgage and Loans Forum category; Any advice is welcome !Our Citibank lender won't allow us to refinance to a lower interest rate...based on the stupid ...

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Mortgage Refinancing If your current mortgage has a high interest rate, you’re stuck in an adjustable rate mortgage, or you want cash out or to consolidate your debt, the answer to your mortgage problems is refinancing. Mortgage refinancing allows you to pay off the remainder of your existing loan by taking on a new loan with better terms. However, there are a number of mortgage refinancing options available to you. And within each of these options, there are particulars you need to be aware of.

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05-28-2008, 09:46 PM

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Open Question: Any good advice on how to lower a interest rate when a lender won't ba

Any advice is welcome !Our Citibank lender won't allow us to refinance to a lower interest rate...based on the stupid "Logic" that our credit rating is not "good enough" to qualify!So basically what they are saying is... even if we have been making mortgage payments for 12 years straight on the same house and at an grossly inflated (10.5%) interest rate ( reliably) for the last 2-3 years. They are about to raise it another 1% in August!Yet they say...We don't qualify for a Lower interest rate which would obviously make our Mortgage Payement LOWER!!How can we be a "risk" when we are already demonstrating an ability to pay a Higher amount ?Please explain this ass backwards "logic" to me?!Also,we Don't have Any credit card Debt, owe less than 5,000 in total on any debts and have Never filed Bankrupsy /or Chapter 13.* We are both Self- employed and also own a piece of property in Canada ( that is ALL paided off)What Do they want our First born?!!Help!

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