How to Bring an Interest Rate of a Home Mortgage Down

A lower interest rate could reduce your mortgage payment. If you want to minimize your interest expenses on your home mortgage loan, you can speak with financial representatives for assistance. Mortgage lenders will review your housing payment history, credit rating and earnings details to determine if you qualify for a lower interest rate.

Instructions

Look at your mortgage note to review your current interest rate and loan terms. Check your documents to determine whether your interest rate is fixed or adjustable, as well as the number of years used to finance your home. Search your mortgage note for prepayments that could apply if you pay off your loan ahead of schedule.

Call your home mortgage lender to inquire about an interest rate reduction. Your lender should compare your interest rate and loan terms to current products for which you qualify.

Contact other mortgage lenders to discuss lowering your interest rate. Give competing lenders a few details when shopping for a mortgage loan, such as your recent mortgage history and whether you have a conventional or government-backed loan.

Ask lenders about a streamline refinance, if you have an FHA or VA mortgage loan. The streamline loan process enables holders of FHA and VA loans to obtain a lower interest rate with limited documentation and lending fees. Cash-out is not allowed and your mortgage must be paid current.

Submit a lender-provided loan package for a program that meets your refinancing needs. Follow through with the settlement process as directed by your mortgage lender.

Speak with mortgage lenders about a buy-down. You may be able to pay loan discount points to lower your mortgage interest rate. Buy-down rates vary by lender, but you can compute the basic costs. For instance, a lender might offer a buy-down rate that equals a quarter-point rate reduction for each discount point paid. If you qualify for a 5 percent interest rate and you elect to buy down the interest rate by 0.5 percent, you would pay $2,000 on a $100,000 loan amount, as a discount point equals 1 percent of the loan amount ($100,000 times 2 discount points, or 2 percent, equals $2,000). Your interest rate after paying for the buy-down would equal 4.5 percent.

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