Today on MyMoneyLife with Chuck Bentley

I’ve been telling you that now’s the time to refinance your adjustable rate mortgage to a low fixed rate—if you can.

Refinancing is still a tricky proposition if you owe more on the house than it’s worth—even if you get help from federal programs.

But a lot of folks who have equity in their homes who want to refinance out of variable rate mortgages are still finding it difficult to get lenders to move on their applications.

Now, it is possible that they’re understaffed and swamped with applications, but remember, the “squeaky wheel” gets the oil.  Here are 3 things you can do to help move things along with your mortgage lender, and this is from MarketWatch.com:

1. Pay them a visit.  It’s easy to put someone off over the phone or through email.  But if you show up in person, you’re much more likely to get someone to move your application along.  Just be sure to bring your paperwork with you.  Obviously, this won’t work if you applied online.



2. Tell them you’re ready to take your business elsewhere and ask that your application and appraisal fees be returned.  If they balk, remember that small claims court is an available option.



3. Finally, if nothing else works, tell them you’ll contact the Better Business Bureau and your local and state consumer affairs departments.

Whatever happens, don’t get discouraged.  If you’re stuck in a variable rate mortgage, it’s vital that you refinance to a fixed rate as soon as you can, because interest rates won’t stay low forever.

And it’s my opinion that you’re very vulnerable to rapidly rising mortgage rates until you can move to a fixed rate.

We’re here to help you.  I hope you’ll visit us online at Crown.org.

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