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Message: [QUOTE="B1GEast, post: 3646758, member: 39"] We modified twice when rates started dropping after 08. Paperwork was simple, it was done rather quickly and we didn't pay much to do it. We didn't have to qialify since we already had the mortgage. Someone mentioned in this thread that they refinanced for free, that might have been a modification, not sure though. I think that lenders would much rather work with you, than to lose a profitable contract to another bank. What you pay to the bank in the form of interest over the lifetime of the loan is insane. If you can afford to make one extra payment to the principal every year, you'll save yourself a lot of money and pay off your mortgage sooner. [/QUOTE]