Can i get a reduction in my mortgage interest rate, if my monthly payments is more than 31% of my income?
Written By: admin on May 23, 2009
One Comment
I heard this the other day on the suze orman show that, if your mortgage, insurance and property tax, is more than 31% of your income you can question your bank for a reduction in your interest rate. Is this right, and if so what’s the catch?
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Tags: insurance, interest rate, mortgage insurance, Mortgage or Home Loans, property tax, suze ormanTags: insurance, interest rate, mortgage insurance, property tax, suze orman
you can question for it, but it doesn’t mean you will get it … your bank will run your credit and determined your risk level and see if you qualify for a lower rate … there may be some negotiating involved … do not get an interest only payment, though … it may be less, but you aren’t paying any equity on your home … that is how a lot of people end up in foreclosure …