Over 150,000 people left the mortgage industry in 2007 and 2009.Big banks have ZERO motivation to lower your rate or shorten your term. Sorry to tell you they are either too busy, don't care, or under contract to NOT call you. That's right, many mortgage servicing companies are under contract to not call you because the investor that really owns the mortgage does not want to lose you and because mortgage process is so complicated they just can't lower your rate. Did you ever get a call from them saying "Let's lower that rate for you"? Consumers with orphaned mortgages are truly on their own in the mortgage world and may never known when the best time to refi.
By contrast, an actively managed mortgage by a true mortgage professional can save the average homeowners two to three thousand dollars on their mortgage transaction. For example in my group we call one a least once per year our customers to do a mortgage checkup or sooner as the market warrants. Owners of orphaned mortgages didn't get calls like this and our core customers received those calls and it didn't cost them a penny! They're paying higher rates and closing costs. They are paying higher like the rest of the country and they did not get better rates or lower payments,
Owners of orphaned mortgages really never get the advice and end up paying the price.
Mortgage rates and mortgage markets change every day. It's the homeowners with active mortgage managers that will always have the best rates, payment, and mortgage planning guidance.
Call a professional today.