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Asked by: Petrus Schoettler
personal finance home financingCan you refinance mortgage with the same bank?
Last Updated: 24th June, 2020
There is no rule that says you have to refinance with your current lender. In fact, many homeowners refinance with a different mortgage company. Sometimes it's smart to go with your current lender; at other times you'll do better with a new one.
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Also to know is, can you refinance a home loan with the same bank?
There's nothing cheap about refinancing a mortgage. You don't have to stress about a down payment, but you will have to pay closing costs. But if you refinance with your same lender, the bank might waive or reduce some of the closing costs. That's less money you'll have to spend out-of-pocket.
Furthermore, can I refinance car with the same bank? The answer to whether or not you can refinance an auto loan with the same bank depends. While it is only sometimes possible, you should always check with your current lender first if you're considering refinancing.
Herein, is it better to refinance with your current mortgage company?
If you refinance with your current lender, you may be able to get a break on certain closing costs, such as the appraisal fee. You may be able to negotiate better terms. You have likely already met with your lender and its loan officers, which could give you leverage when trying to refinance.
Which bank is best for refinancing?
Mortgage Refinance Lenders
- Bank of America: Best Lender Borrowers With Debt-to-Income Ratios As High As 55%
- Chase: Best Lender for Up to $3,000 Cash at Closing With a Grant and Education Course.
- Guild: Best Lender for Financing Up to 97% of Your Home's Appraised Value.
- Quicken: Best Lender for Customer Service.