Can the costs of refinancing be avoided through a modification of the contract that reduces the interest rate?

Asked by Trulia Queens, Queens, NY Mon Apr 29, 2013

Why isn't this a more widespread practice?

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Michael Cheng, Agent, San Jose, CA
Mon Apr 29, 2013
Yes, it could. But, the banks aren't in the business of doing things for free. Each refinanced loan generates a bunch of lucrative fees and securitization profits.
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