All too often we're looking high and low to find different ways to generate income for ourselves, affiliates, partners, clients, etc.  As a result, we sometimes overlook very simple measures that take very little effort but can produce great financial returns.

DON'T FORGET TO CALL YOUR BANK TO NEGOTIATE YOUR MORTGAGE/EQUITY LINE!

In consideration of today's housing market conditions in many locales, the banks are beginning to realize that it's much cheaper for them to re-negotiate loan terms than to have to take back a home.   Calling your bank doesn't guarantee results but it's definitely worth making the call.

Some of our investment real estate company's holdings are with Countrywide and Citibank.  Countrywide is currently reviewing some of our loans (ones that have not been been sold/purchased by Bank of America) and Citibank reduced our margin by roughly 1/2 point on a loan that we have with them.

• Five minutes on the phone.
• All existing terms on the loan remained the same with the expection of Citibank reducing our margin (roughly 1/2 point drop - prime rate plus .125% to prime rate minus .375%).
• No additional costs or fees.
• No credit check.

Demonstrating a hardship, being late on payments, or any other financially difficult positions that you or your clients may be in is not a requirement to re-negotiate terms.  However, from our experience, the banks are more willing to work with you if a hardship does exist (we suggest that you contact a qualified mortgage broker to discuss potential options if you find yourself in this position).

Be an advocate for yourself and your clients.  Again, there are no guarantees but, as you can see, it's definitely worth the call.  What are you waiting for?  Make the call!