I recently received a letter from my mortgage company saying I'm eligible for a rate reduction at no cost because I am a "preferred customer. " It says I'd be able to refinance without paying lender fees, a credit check, appraisal, or income verification. Has anyone heard of this or done it before? I couldn't think of a reason this would be possible unless my on-time payments are more valuable than the interest they make off my loan.
☰