Can I Refinance With The Same Lender?

By Author: Ivan Cuxeva
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Do you like your current lender but you don't like the loan that you have? Would you like to try to get a better interest rate or simply change the type of loan that you have? If so, you may find that your current lender has many loan programs that would work better for you than the one that you already have. It is worth exploring the option of refinancing with the same lender to see if it makes sense. Mortgage refinance with the same lender is something that many people have done before and it may be a good option for you, too.

Refinancing with the Same Lender

If you were looking for a yes or no answer as to whether it is possible to refinance with the same lender the short answer is yes. While it is possible to refinance with the same lender you may not find that it is the best option for you. When you first start considering mortgage refinance, it is a good idea to approach your current lender and see what they can offer you, but don't lock yourself into working with just them. When you lock yourself into working with them you may miss out on better deals that are out there.

Many people do their ...
... mortgage refinance with the same lender because they can save some money in the process. A lot of the time when you refinance with the same lender they will waive fees such as any pre-payment penalties that you have in addition to other closing costs. You may also be able to save on fees such as property appraisal, a title search and perhaps a loan origination fees. Not having to pay these fees could save you anywhere from a few hundred dollars to more than one thousand dollars.

If you really want to stay with your lender for your mortgage refinance you may be out of luck. Why? Because not all lenders do origination, which means because you are taking out a new loan you cannot stick with your lender. What happens with a lot of loans is that they are originated by one company and then they are sold to others. If this happened with your loan then you may not have an option to stick with your current lender.

The reason that a lot of people do not stick with their original lender when they are looking to mortgage refinance is because their lender cannot offer them a program that is worth it. While you might save a few hundred dollars on miscellaneous fees when you stick with them, you may be able to save thousands of dollars by going with another lender that will offer you a great rate that your current lender cannot match.

The great thing is that if you have a good relationship with your current lender and they have programs for you to refinance for you may want to stay with them. On the other hand you will want to shop around and make sure that your lender really can offer you the best deal. There are a lot of great options out there for you to take advantage of out there, so don't limit yourself to a specific lender.