2007-11-01 01:50:12 · 5 answers · asked by martipzoe 1 in Business & Finance ➔ Credit
i took this rate because the dealer said i was young and a risk to loan companies, so that was the best i would get any where. my credit score at the time was in the 600 area. so they where taking a chance on me.
2007-11-01 02:00:39 · update #1
No they won't reduce your current rate. Pay it off if you can't refinance. It has been 8 years your credit rating must have been awful so unless you did something wrong it should be much better now. Consider selling the house if the payments are too much the buyer will get a much lower rate.
If you won't or can't sell the house or refinance sell everything you have to pay down the mortgage. Get a HELOC they are about 8% and use that to pay down the first mortgage.
2007-11-01 02:39:03 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
Why is refinancing not an option? 17.5% is more than double what you could be paying. Some places will lower your rate just because you ask, but it would only be a couple pertentage points. You really need to refinance. And I don't think that even in 1999 the going rates were that high. Someone show you coming.
2007-11-01 08:59:16 · answer #2 · answered by Classy Granny 7 · 0⤊ 0⤋
They probably will not lower your rate.
Just get a refinance.
IF your loan uses the "Rule of 70's" then you are probably screwed, as in that type of loan you pay almost all the interest first, before any principle is paid.
Also, is this a house or a car? It's been 8 years, so if it is a car the loan should be paid off by now.
If it is a house, that interest rate is mathematically impossible to pay off....
2007-11-01 09:28:22 · answer #3 · answered by Mike 6 · 0⤊ 0⤋
Refinancing is the only option with mortgage loans. The main question is why is it not an option for you?
2007-11-01 09:35:02 · answer #4 · answered by roginad 3 · 0⤊ 0⤋
OMG! why did you agree to that high of a rate
2007-11-01 08:53:46 · answer #5 · answered by Clueless 5 · 0⤊ 1⤋