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Should I refi with the same lender or with a different one?

I feel like a new lender would be more competitive and give me a better rate. by devphil180 from Belle Glade, Florida. Dec 18th 2020 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

That's what they want you to think. Here is the reality. Did they call you when rates fell, allowing you to save money by lowering your interest rate and payment? NO? Surprise, surprise. They didn't because most banks consider all of their borrowers as suckers. As long as you are willing to keep paying them the higher interest, they are just going to keep collecting it, Thank you very much! As a mortgage broker, we have access to Dozens of investors and hundreds of loan programs, none of which are the big banks. Use your old guy, and all you will get is their product, even if there is something better out there. If you are not a cookie cutter borrower, they may also have trouble getting your loan approved quickly, or even at all. Many big banks are having trouble getting loans processed and funded in a reasonable time frame. As an example, an Executive with one of the Biggest banks was trying to do a cash-out refinance. After over 90 days, a low appraisal and still no approval in sight, He reached out to me (referred by an existing customer). In less than 30 days, I was able to approve and fund his loan for the same amount he had asked his employer for, and we were able to do so without an appraisal. The best part was I was able to beat their rate by over 0.75%. 'In the good old days', using your current lender made some sense in that they 'knew' you and your paying habits. Today, since all loans end up being sold into the secondary market, a bank 'knowing you' is no longer a thing with benefits, since they treat loan as though this is your first transaction with you. Working with a Good Mortgage Broker is different. We do get to know you, we value your business and we can almost always offer you better options and pricing then the banking guys. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ 480-889-9000.

Dec 18th 2020
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,457 contributions

Almost WITHOUT FAIL, the worst place to refinance is with your existing lender. This is primarily because they know so many people think it would be a better place, and you probably didn't call anywhere else to compare. Therefore they are rarely, if ever, the most competitive. I lend in MN WI IA ND and SD. Find me at - NMLS 274132

Dec 19th 2020
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