Hi- wondering if anyone can make some suggestions. We have a 2005 Nordic Heat- we have an existing loan for over 7% through Bank of America, for 15 year term. We would like to reduce the interest rate/term in order to pay off sooner, however, with the market, we're close if not over 100% LTV. Any suggestions for getting a better loan? We have excellent (750+) credit, have had the loan for over 5 years, and always on time payments. Help! Is there any way to modify the existing loan- or, how do we refinance? Where?

Costco is partnered with Essex Credit which does refi's on boats and rv's. https://www.essexcredit.com/costco/ I am with BofA at a high rate and was thinking about giving them a call.

I've considered the same thing on my truck. Decided it was just easier to start making larger payments....right now I'm 3.5 year into a 5 yr note....that I've only had for 2.5 yrs.

I agree with this, if you refinance even for the same amount of time that equals your current loan you are adding fees and more money. the easiest way to offset a higher rate if you have extra money is to make principal reduction payments each month. interest really only matters if you take a loan full term, by reducing the principal you effectively lower everything...

YOU ARE CORRECT SIR !

Berns,Are you doing any line of credit loans

Double payments or pay the principal on the backend payment of an amortization (sp) schedule.
Paid off several rental houses in less than half the time.
Oh and 4 Boats too.

There is some law rule . We should know it before taking loan. I hire a loan modification company.Here is some information Loan Modification Guidelines

That is for a house.... There is a difference.

The problem with doing a loan "modification" is that 99% of the lenders require you to miss a payment. I have good credit and bought a house and a boat when the rates were high(er). So, I called Key Bank to reduce my 7.25 rate, and they are not helpful. So, I refi'd with Pentagon - below. Coincidentally, I have Bank of America loan on my house and I asked for a rate reduction from 7.5 and they didnt blink an eye and said no...

For Boats loan try:
Pentagon Federal Credit Union
www.penfed.org

You need to be a member or in the service. The great part is you can become a member for $50 (might be $100 by now)

what was your rate?