Can I Refinance My Home with the Same Lender?

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When you have a mortgage, looking into refinancing your home for a better interest rate can be an option, especially if interest rates have dropped since you first received your mortgage loan

 

Once you have decided that you are interested in refinancing your mortgage loan, you may be thinking, “Can I refinance my home with the same lender?” The answer to this is yes – if you are satisfied with your current lender that your mortgage is through, it is often an option to refinance that mortgage with that same lender.

A yellow sticky note with "refinance" written on it appears on a desk next to a calculator and pen.
When it comes to refinancing your home mortgage, there may be advantages to sticking with the same lender.

Advantages to Refinancing with the same lender

  • You’re familiar with the company and its level of member service. This established relationship could even help make the refinancing process go smoother.
  • If the lender values keeping your business, they may be inclined to offer you a better rate to show you that you are in fact a valued member.
  • With a lender that knows you, the lender may be able to approve your refinance more quickly. 

 

When you decide to refinance your mortgage with the same lender that your original mortgage was through, the main advantage is that they know you and you know them. This established relationship could lead to them offering you the best possible rate or moving you through the refinancing process more quickly to show you that they do in fact value your business. 

 

If you do decide to refinance with the same lender, you will likely still incur closing costs just as you did when you signed your original mortgage loan. Closing costs can vary depending on the size of your mortgage loan and other factors. 

 

The final advantage to refinancing a mortgage with the same lender is that they may be able to offer you a better closing cost package, like a lower title insurance fee, lower mortgage insurance fee if your loan requires mortgage insurance, or a lower loan origination fee. This closing cost package is something that you and your lender can negotiate. 

 

When you decide to refinance, make sure you look into all of your options so that you can get the best possible deal for yourself and that you get everything you want to be included in the refinance deal. 

 

Do you need help deciding which option is best for you? Let us know!

 

Let Camino help you. We want our members to find the best option that works for their needs. We offer many options for those looking to purchase or refinance a home. Please give us a call at 800-835-3400 to speak with one of our Member Advisors, or contact us for more information.  NLMS ID 666196

 

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