Can you pay a fee to your bank to reset your mortgage interest rate?

[scotty]

What if I want to reset my mortgage interest rate in 5 years. Can my bank do this for me? I've heard one mortgage banker say that banks may allow this for a small fee.

I would assume that's only if prevailing market interest rates are lower than the mortgage interest rate I already have? In which case I could also just refinance. But what if I want to avoid the Mortgage Recording Tax though? Say I just want to alter my existing mortgage with a new rate.

Thank you.

[aslan]

I've had some mortgage bankers tell me that yes, if you want to reset just your interest rate a few years down the road, some banks will agree to do it for you for a small fee. But my question is, what's the difference between this and a refinance? I suppose you would avoid some of the fees associated with getting a brand new mortgage loan?