My brother purchased a house in 2014 and had a rate of 4.5%, then 2 years later he refinanced and was able to get a rate of 2.5%. Why would a bank choose to reduce the amount of money they would get on his mortgage?
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They don’t always have a choice. Most of the time, you can repay your mortgage early without penalty. So you could have gotten your first mortgage with Bank of America and then refinance through Wells Fargo. Wells Fargo would payoff your loan with BoA, and they can’t really stop you.
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