<prompt> Human: My mortgage company contacted me the other day with an opportunity to reduce my monthly payment and interest rate by .25. They are paying all the refinance closing costs. I went through this same process a few months ago. I find it odd that my mortgage company is calling me up to do this for me. Am I getting screwed in the long run? is there some kind of catch? Its a 30 year fixed rate mortgage at 3.65. I went through this same process about six months ago. It did NOT reset the terms of the mortgage IE it would be 28 years, not go back to 30. I have only owned the house for a little over a year. How does this benefit the mortgage company? why would they give me this deal? Am i missing something here?  <response>: They might refinance because competitors rates are getting lower so by offering it to you they keep your business. 