If you're struggling to pay your mortgage bills each month, you can ask your mortgage lender to lower your interest rates. This can save a significant amount of money each month. By lowering the interest rate on a $200,000 30-year fixed-rate mortgage loan from 6 percent to 4.9 percent, you can lower your mortgage payments by more than $137 every month.
If you want to drop your rates and you can't refinance your existing loan, you'll have to convince your lender that you can no longer afford to pay your home loan each month.
Sample letter to bank for Lowering interest rateI have taken a home loan of Rs. 30 lacs in SBI Bank account number: XXXXXXXX. I took this loan last year for the purchase of my new house and have been paying all instalments at the specified dates.I would also like to mention that I have been an upright account holder in your bank since the past 10 years with a good transaction record. Recently, I have been getting offers from other banks like ICICI and HDFC for transfer of my current home loan at a lower rate of interest. I found that other reputable banks are also giving home loans at a lower rate of interest in comparison to your bank.I want you to consider reduction in rate of interest of my current home loan if I must continue my home loan with your bank. The current rate of interest that I am paying is X% while the other banks are offering at Y% rate of interest. The difference is huge for an amount as big as the one I have to pay on.I shall appreciate if you could reach upon a conclusion soon and respond to my statement.
Discussion. RE: Sample letter to bank for Lowering interest rate -Lubna Lakdawala (03/13/14). Sample letter to bank for Lowering interest rateI am writing this letter to request a reduction in the interest rate of my credit card payments.
I request you to reduce my current interest rate of 12% to a more reasonable rate of 8% so it is more in line with the current market rate. It has come to my attention that my interest rate has jumped from 6% to 12% in a period of 18 months.I have visited the websites of several competitors and notice that they are offering an interest rate much lower than what I am currently receiving.I have been a solid, long-standing customer with your company for 15 years and would appreciate your consideration of a lower rate on my account.
But how do you lower your credit card interest rate without switching cards? You can negotiate with your bank or credit card company to get a lower interest rate on your card. Although the card company may ultimately say “no,” knowing these steps could help improve your chances of getting a favorable response. How to Ask a Mortgage Company to Lower Your Rates. By lowering the interest rate on a $200,000 30-year fixed-rate mortgage loan from 6 percent to 4.9 percent, you can lower your mortgage payments by more than $137 every month. If you want to drop your rates and you can't refinance your existing loan, you'll have to convince your lender.
I feel the increased rate is unfair considering my long-standing history. You will find that I maintain not only a good credit history in general but I have an excellent history of payment with your company.I would appreciate your consideration of a lowered rate at this time. I would like to remain a loyal customer with your company. If you cannot extend a reduction offer, please revert as soon as possible, as I am considering accepting several offers from other card companies who are offering much lower interest rates as well as balance transfer options.