[aljetmet]

My son who has his mortgage at Citi Bank in NY modified his mortgage last week. It cost him $475 to drop his mortgage rate 1/2% all other terms of the mortgage remained the same. He has this option every 6 months...
His rate only dropped 1/2% because he re-financed last year.

His mortgage was motified and not re- financed.

It takes a quick call to your bank or mortgage company to see if they have it available.

[jnieman]

We refinanced 3 months ago to 4.25% from 6.25% with Quicken loans. Then received a call from them this week and for $400 appraisal fee could refinance down to 3.75%. Altogether it saved us over $200 per month and quite a bit off our mortgage total.
We took it. They didn't have to redo all of the paperwork, just a few forms and we were done. They will send a notary out to the house to sign the final papers.