How do I get a better Interest Rate on my Mortgage without paying a Refinance Fee?

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.

Best answer:

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.

Add your own answer in the comments!

This entry was posted in Q&A and tagged , , , , , , . Bookmark the permalink.

2 Responses to How do I get a better Interest Rate on my Mortgage without paying a Refinance Fee?

Leave a Reply

Your email address will not be published. Required fields are marked *