Refinancing with Your Existing Lender: Several Things to Consider
Lately refinancing has become popular. Low interest rates combined with a host of government programs and incentives means that many people can find a better deal than what they currently have. When you are looking to refinance, you have two options. You can either refinance with your existing lender, or you can go with what another lender has to offer. In order to get a better look at these options, it’s important to examine their differences:
- Your current lender knows you as well as your finances.
- Looking at other lenders increases your chances of getting the best deal.
- Your lender knows the most about your current mortgage.
- More lenders equal more choices. (For example: some programs or government incentives may not be available from your lender.)
As you can see, there are several key differences. On one hand there is the comfort factor in going to someone who already knows you. On the other, there is a good chance of getting a better deal and saving more money if you shop around.