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lower mortgage rate
Old 10-17-2020, 10:53 AM   #1
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lower mortgage rate

I just read somewhere where you can ask your mortgage company to lower your rate without refinancing. I mean like no fees whatsoever. Is this true? And has anybody done this? I'm not talking about a recast either.
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Old 10-17-2020, 11:06 AM   #2
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Its called streamlining. I've never done it.
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Old 10-17-2020, 11:06 AM   #3
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Old 10-17-2020, 01:46 PM   #4
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Its called a loan modification. We did it in 2016, and are talking to the S&L about doing it again. They simply rewrite the note, reducing the interest rate. It cost us about $300, with a payback of less than a year. Don't know if the big banks do it, we are with a small locally owned S&L, and they kept our mortgage.
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Old 10-17-2020, 03:14 PM   #5
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Quote:
Originally Posted by PatSea32 View Post
Its called a loan modification. We did it in 2016, and are talking to the S&L about doing it again. They simply rewrite the note, reducing the interest rate. It cost us about $300, with a payback of less than a year. Don't know if the big banks do it, we are with a small locally owned S&L, and they kept our mortgage.
In general, the problem is most banks or mortgage brokers sell to Fanny Mae or Freddy Mac and just take a small profit then take the funds from the sale of your note and make another, again and again. I donít think you can do this if they sold to them.
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Old 10-18-2020, 01:44 AM   #6
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Never heard of this. I was going to mention recasting but that isn't what you are talking about.

Oh - streamlining -- I thought tat was for refinancing an FHA loan.
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