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Can you get a better mortgage rate without refinancing?

Residents of Washington D.C. like you may be looking into refinancing your mortgage in the hopes that you can cut down on some of your monthly costs. But are there better ways to land a new mortgage that doesn't involve having to jump through the hoops of refinancing?

Fortunately, there is a way to get a better mortgage without having to fully refinance. This is good news for all homeowners, because refinancing can come back to haunt you in the future if you're not extremely careful in the way you go about it. Forbes states that reducing your mortgage rate is a possibility that many homeowners overlook, but that it can be exactly what's necessary to help someone avoid refinancing.

Contacting your lender and asking for your mortgage to be reduced without any other changes being made to the mortgage itself may seem like you're setting yourself up for a "no". However, there are many cases in which this exact request is given a green light. Homeowners just like you are therefore able to avoid the costly closings, having to start fresh with a new mortgage, and heaps of inconvenient paperwork that are synonymous with a refinanced mortgage.

While this isn't meant to be taken as legal advice, it might still be a viable option for you to consider depending on your unique circumstances. You don't have anything to lose by asking, but you have a potentially reduced mortgage rate to gain. All in all, that's a fairly positive outlook on a stressful situation.

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