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Do I need to tell my current lender that I want to refinance with another lender?

Will there be any fees if I want to switch by greezaq439898127 from Topeka, Kansas. May 7th 2014 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

No.. it's not necessary to contact them, however once you start the process with another lender, and they make the call to obtain a payoff on your existing loan, then you might get a call from them soliciting you for a refinance.. As far as fees, the only fee your existing lender can charge is a small fee to draw up a payoff request.. typically under $100, but this fee would be charged even if you were just selling the home.. 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

May 7th 2014
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Bro Nam (bro1234@gmail.com)
#29 ranked lender in Missouri - 16 contributions

If you have already started a loan then technically no, but most professionals would advise out of good faith that you would want to let them know, so they are not working on a loan that is not going to close. If you haven't started the loan process with anyone then you do not need to let them know. The bank you are refinancing with will request a payoff on your behalf.

May 7th 2014
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Joe Shamie (Joe Shamie)
#5 ranked lender in New Jersey - 1,412 contributions

No. They will be paid off when you close on the new Refi.

May 7th 2014
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Sara Deere (Mortgagequeen2)
#1 ranked lender in Missouri - 570 contributions

I agree with both of the previous submitted answers.

May 7th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

No, they will be contacted for a "pay off" letter by the new lender. You may need to pay upfront for an appraisal, and there are costs for any mortgage - purchase or refinance. Those costs can either be wrapped into the new loan, or the lender can give you a credit to pay them - meaning your rate will be a little higher than the best rates available, but the fees to you will be minimal. I can help: pdumouchel@primelending.com or 843-619-6025 http://pdumouchel.primelending.com **PrimeLending was the #4 purchase mortgage lender in the US in 2012 and 2013 as determined by MarketTrac(c) for Jan-Dec 2012 & 2013

May 7th 2014
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

No need to tell them in advance.

May 7th 2014
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