How to Lower your second mortgage at National City

I just spoke with a client of mine who I did a second mortgage for at National City Home Equity. He told me that he paid them $50 to recast his mortgage again after he had already set it. National City heloc second mortgages came with a feature that allowed you to lock it in. He had a home equity line of credit which is typically variable, however they allow you to fix it in on an interest only payment for 7 years. He had locked it in a few years ago and had made it a fixed. He just called them and they are allowing him to drop it again. I had never heard of that. He was able to drop his rate over 3%.

If you have a National City loan and have already fixed it in, you may want to call them again to see about a recasting fee and get a lower rate.

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