Hi badPrincess,
yes, there are a few ways you can look at lowering your interest rate depending on your situation. If you're struggling to make payments, a
loan modification might be a good idea, but for most people the best option is to
Refinance.
refinancing allows you to essentially cancel your old loan and take out a new one. The good thing about this is that your new loan will be on different terms (more suited to your current situation) to your old one. Interest rates, payment term fixed rate period and even the loan amount can all be changed to more accurately reflect the current situation.
In your case you can probably command a significant drop in interest. For example, 5/1 ARM rates in Maryland are as low as 3.75%. If you know your zipcode you can go the
Low Rate Refinance site in my sig and enter your zipcode to find out what rates are available in your area quickly and easily.
Refinancing is a great option for a lot of people - especially now - can can make a real difference to your financial future.
