What Do I Do to Have My Home Loan Rate Reviewed?
There may come a time when you are interested in obtaining a home loan rate review from your mortgage lender in order to determine if your existing loan agreement is eligible for new terms. So, what do you have to do to have your home loan rate reviewed?
Well, you will first want to request a home loan rate review from your current mortgage lender. Once you have requested the review, the next step is very similar to the home loan application process. Your mortgage lender will determine your ability to make repayments by requesting your financial documentation and evaluating your financial position by reviewing your existing debts, income, and credit history.
During the loan rate review, your lender will also evaluate the terms of your current loan agreement by reviewing interest rate, insurance, and monthly repayment.
Can You Ask Your Bank to Lower the Mortgage Interest Rate?
As a borrower, you are allowed to negotiate lower mortgage interest rates with your bank. However, it is entirely up to your banks discretion of whether or not they approve you for a lowered interest rate. Maintaining a good standing with your bank and staying up to date on your mortgage repayments is a great way to increase your chances of a successful negotiation.
Can You Negotiate to Refinance Rates?
Yes, you can absolutely negotiate with your current mortgage lender to refinance your loans rates and terms. As we mentioned previously, staying up to date on repayments and maintaining a good standing with your lender can increase your chances of a successful negotiation.
Can You Negotiate a Lower Mortgage Rate Without Refinancing?
It is possible to negotiate a lower mortgage rate with your mortgage lender without refinancing, however, it is not guaranteed that you will successfully negotiate. If your lender declines to lower your current mortgage rate, your next step would be to explore refinancing with a new mortgage lender.