Current Lender Reached Out about interest rates

[Jim Sestito]

BP

Received an email from the lender that gave me a conventional loan (4.5% rate) on a two family.  Basically said "rates have dropped, and we should talk"

- I have a call with them tomorrow.  What is the advantage for them?  Any specific questions I should be asking?

Thanks for input guys.

[Douglas Snook]

I would think an advantage for them would be that they keep the loan rather then have you refi with a competitor and loss it completely. 

Who is going to pay the closing costs? What will the terms be? Same as now as far as length etc. How much lower would your monthly payment be? Can you refi some equity out, if you are interested in doing that.