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3 Advantages to Refinancing a Mortgage with the Same Lender


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TERMINOLOGY

If you are considering refinancing a mortgage, you might want to think about working with the lender through which you have the mortgage. Here are a few advantages of refinancing a mortgage with the same lender.

1. Familiarity

By refinancing a mortgage with the same lender, you will already know what to expect. You are not going to be surprised by anything that they do because you have been working with them for years.

2. Discount

Many lenders will be willing to give you some type of a discount if you will refinance your mortgage with them. If you have been a good borrower up to this point, they will want to keep you on board. Because of this, they might give you a discount on closing costs or a cheaper interest rate on your mortgage.

3. Speed

When you are refinancing with the lender that you have already been working with, you should be able to finish the process more quickly than normal. In many cases, you will not have to provide the lender with any additional information because they already have everything on file. They will still probably want to pull your credit score and make sure that everything is in order. However, everything should move very quickly, and they will get you the money that you need.