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    Raylene's Avatar
    Raylene Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Apr 27, 2009, 07:55 AM
    Interest rate
    I purchased an apartment 3 years ago. The interest rate climed to 15.5% over the years. Now that the interest rate is decreasing due to the crumbling economy I would like 2 know if I can fix my mortgage loan at the lower prime rate? Will there be additional charges?
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #2

    Apr 27, 2009, 07:58 AM

    You can refiniance the loan and your current mortgage holder may be your first stop. Check with them on line and also contact a few other lenders. I refinanced and my local bank, Chase, ended up with the best deal of 4.5% with 1/2 point.
    Raylene's Avatar
    Raylene Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Apr 29, 2009, 03:13 AM
    Thanks for the advise. I didn't know that your interest rate is so low. Wow! I live in South Africa and I've just heard that the interest rate is coming down by another 100 basis points so it will now be @ 12.5%
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #4

    Apr 29, 2009, 07:09 AM

    I know nothing about interest rates in foreign countries so check with your current leander so see what their rate is today for new borrowers.
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