Chase has done the same to me.
Chase has made same offer to me. Basically, they will set my ‘new’ mortgage at the same principal, convert it to a 20 year vs. 30, and do so for no closing or other costs. The new interest rate essentially would make the payment unchanged. The only difference (and for the good), the ‘maturity’ would be two years shorter than present. This is the second time they have sent me this offer.
A gal my wife works with went through the process and it only took a little over a month. They knocked over $100,000 off the principle and lowered the payment by $400 a month.