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Trying to get interest lower on a loan

Date: Mon, 11/16/2009 - 13:30

Submitted by db
on Mon, 11/16/2009 - 13:30

Posts: 65 Credits: [Donate]

Total Replies: 3


I have a home equity loan in which I am paying 14% to Citifinancial. I know crazy. My credit has improved since I got the loan but I want to wait until it gets higher to refinanced. Is their anything I can do now to ask them to lower my interest until then?


Generally, lenders will not change loan terms "in the middle" of a loan contract. It causes legal ramifications when they modify the terms, and it's a lot easier for them to just say "no" than to deal with new disclosures, etc.

You may be able to refinance into a "new" loan with Citi, and then they might lower the APR on a new contract. However, by law, you can't refinance that loan with the same lender for at least a year.


lrhall41

Submitted by DebtCruncher on Mon, 11/16/2009 - 17:00

( Posts: 2293 | Credits: )


How does that effect my credit report if I try to refinance with them?
Trying to improve my credit and don't want to many inquiries on it.


lrhall41

Submitted by db on Tue, 11/17/2009 - 06:18

( Posts: 65 | Credits: )


Unfortunately they will, most likely, pull your credit report to ensure that you're not undergoing any sort of financial distress.

I wouldn't worry about a single credit inquiry. It's when you are shopping for a car, a new home, and multiple credit cards at the same time - that's when lenders see potential for a problem with multiple inquiries.


lrhall41

Submitted by DebtCruncher on Tue, 11/17/2009 - 19:03

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