Found a weird trick to drop my rate without a full refinance

Cameron Nelson · 2026-06-03T01:50:03.088225+00:00

I was sitting at 6.8% on a rental property in Phoenix and every bank wanted $4k in closing costs just to refi. Then my buddy who works at a credit union told me to ask about a "rate modification" instead of a refinance, which is basically just an internal adjustment. Cost me $200 and took 45 minutes on the phone, has anyone else gotten one of these to work?

graym494mo ago

Doesn't that just depend on who actually owns the loan, though? Most lenders sold their mortgages off and can't just tweak the rate internally without a wholesale buyback.

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noranguyen4mo ago

Wait, does this just work for credit unions or have you gotten a regular bank to do it too? I'd jump on that deal if it's not just a one-off perk for credit union members.

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derek_ramirez4mo ago

I heard credit unions keep more of their loans in-house so they can actually do that, regular banks usually sell 'em off.

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