Many homeowners leave money on the table when they postpone refinancing their home because they don't have time or energy to deal with a new round of paperwork. Because so many lenders act as brokers and sell or trade mortgage agreements, they often require homeowners to go through the entire process as if they were new customers.

A handful of smart lenders have decided to do something about it, to save their customers money while keeping their business from floating away to competitors. The procedure is called a "rate modification refinance," and it is so relatively new that you may have to wade through a few levels of customer service representatives at your lender to find someone who can help you.

In a rate modification refinance, a customer can call their existing mortgage lender and request that their rate be modified to reflect the best possible rate. When you call with this request, it helps to monitor the deals that your lender has been offering to new customers, so you can compare them to your own existing agreements.

You can find out this information by calling your lender's general information line and asking for average rates in your area. Your lender's customer service staff may not be able to quote you an exact rate, but you should be able to find someone who can give you a good idea. If you borrowed money from a storefront bank, you can usually find their rates posted somewhere in the lobby. Call around to one or two other reputable lenders in your area to find out what rates they might offer to refinance your home.

Armed with this valuable information, you can speak with an account representative and notify them that you have found refinance deals that would let you drop your interest rate significantly. Emphasize to your customer service representative that you have appreciated their service, and that you wanted to give them a chance to retain your business by offering a rate modification refinance.

In many cases, an account executive will take down your information, research your case, and contact you in about two or three business days with a strong counter offer. A rate modification refinance usually carries a service fee of about $500, but saves you significant time, hassle, and closing costs compared to following through with a full refinance agreement.

Earl Baker is a writer for DebtConsolidationer.com and RefinanceFinds.com. For additional articles and an extensive resource for everything about Debt-Consolidation and Refinance, please visit us at http://www.DebtConsolidationer.com and http://www.RefinanceFinds.com.