The truth be told, paying someone to modify your loan is silly.  It’s not complicated and you can do it yourself.  The simplest route to changing the terms of your mortgage is to see if your mortgage has an option that will allow you to recast your mortgage.  A mortgage recast will allow you to make payments based on the balance that you have paid your mortgage down to.  This will only give you a lower payment if you have a fixed rate mortgage.  If you have paid your mortgage down and now are in need of a lower payment, a mortgage recast option could be your answer.  A lender will allow you to do this once in most cases for a fee.  The fee to recast your mortgage is usually anywhere from $250 - $500.  This is definitely cheaper than doing a whole new refi.

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