Question by thetaxi_bo475: How do I get a better Interest Rate on my Mortgage without paying a Refinance Fee?
I have heard that I can get a better rate on my Mortgage without having to pay anything like a refinance fee. I believe it is called remodification of my mortgage or something like that. Is this a rumor or true? I’d like to see if I can stay with my mortgage provider, but lower my rate to save some money.
Answer by Mike
I did a modification of my adjustable rate mortgage to a fixed two years ago, my bank asked for a $ 900 fee.
My brother had a fixed with a much higher rate than prevailing, he called his bank, which was a portfolio lender, not a fannie/freddie lender and asked them for a “re-write” of his two year old loan or he was going to re-fi with another bank. They did the re-write for a $ 500+ appraisal fee.
Go to you banks branch, don’t call the 800 number, and sit down with one of the suits.
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