Did a modification in 2008, and have excellent repayment. Can we refi now at favorable rates?

As long as the modification was not a result of late payments or if any payments were in arrears as the time of the mod - you're ok to refi now.

Possibly... Most lenders will not refinance you if there was any principal reduction associated with your loan mod.. so long as this is not your scenario, and your payments have been on time for the past 12 months or more and you meet all other eligibility requirements, then you should have no problem refinancing. Try contacting a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347