Mortgage Refi Question
So, a lot of people refinance their mortgage when the rates go down enough.
I called my bank and asked if they would just rewrite the note. Because, first of all, I'll be paying less per month, and also, the termination date will be the same. So, I'm not taking out a new 30 year loan. Just want lower rates on my remaining 20 years.
Does anybody know why banks don't do this, other than income from the extra fees?
BTW, they keep sending me letters telling me that "Now is a good time to refinance at a lower rate." Yep, it's all about the money.