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Called my lender today and told them I'm shopping around for a refi. They immediately offered to do a permanent rate mod which would reduce my rate by 1.25 points. We have excellent income, credit, never missed a payment, so do not qualify for the government "foreclosure avoidance" programs. Our mortgage is very profitable for them. So bottom line, they don't want to lose it to a refi with another lender. BUT...they require a 1% "modification fee" to do this. Is this typical?
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Yes ran the numbers and looks to be a pretty good "deal". Just wanted to make sure I shouldn't be asking for an even better one.Thanks all!
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