Thinking about refinancing your mortgage? Asking for a loan modification could be a better place to start.
In June, Tom Palecek wanted to refinance a mortgage he’d held for 10 year for a house in Alpine Meadows, Calif., so he called his lender, SRI Federal Credit Union in Menlo Park, Calif. He was paying 4.5% for a 30-year loan. They made him a surprising offer: They would simply lower the existing rate to 3.5%, no refinancing necessarily.
It turned out Mr. Palecek had called SRI at just the right time. In May, the credit union quietly launched a new loan-modification program.
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