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NEW YORK (CNNMoney) — While millions of struggling homeowners have had to jump through all sorts of hoops trying to refinance their mortgages, Michelle and Bob Irwin barely had to lift a finger.

This summer, the couple received a letter from JPMorgan Chase (JPM, Fortune 500), their mortgage servicer, informing them that it was going to slash the interest rate on their mortgage to 2.8% from their current rate of 6.5% for the next five years and then adjust it to a fixed 3.9% for the remaining 18-year term of their loan — a move that would reduce their payments by $229 a month.

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