Any Loan Officers here?

[SandEagle]

hey there ATOTers...


I took out a 20K equity loan 2 years ago at 8.2%, 15 yrs fixed. With the way the economy is, do you think the bank will help me somehow, like lowering my interest?

my mortgage and equity loan are with the same bank. with the way the market depreciated, i'm in negative equity now (meaning i owe more on the house than it is worth). i'm still managing to make payments. any suggestions?

thanks

 

[rasczak]

just my opinion, but no i don't think so. especially since you are making your payments on time. you may want to talk to your bank about it though. you never know what they might say.

 

[Capt Caveman]

Talk to them about refinancing or take out another equity loan at a lower interest rate to payoff your current one, though you still need to do the math to see if it's worth it.

 

[ViviTheMage]

My mortgage is at 6.25% ... I have been wanting to lower it to 5%, is that possible during this economic 'issue'?