Chris emailed in the following tip:
Up until a week ago, we had about 10 years left on our mortgage at 4.125%. We were quite happy when we got the 4.125% rate a couple of years ago, but I’ve been noticing rates dropping even lower.
I called the credit union that holds our mortgage and asked if there was anything they could do for us (keep in mind we have always been on time with our payments and have an excellent credit score). Just like that, they offered to drop the rate to 3.125% — all we had to do was sign the paperwork and send it back in the postage paid envelope!
I can’t figure out why on earth the credit union would agree to drop our interest rate for no fee — and I don’t think every mortgage situation would be this simple — but I guess this goes to show that it certainly never hurts to ask! -Chris