refinancing with the same lender

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A prepayment penalty is a fee that lenders might charge if you pay off your mortgage loan early, including for refinancing. If you are refinancing with the same lender, ask whether the prepayment penalty can be waived. You should carefully consider the costs of any prepayment penalty against the savings you expect to gain from refinancing.

Some lenders charge a prepayment penalty, which is a fee for paying off your loan early, even to refinance. If you refinance with the same lender, you can request that this fee be waived. If the fee can’t be waived, factor that into your break-even calculations.

When mortgage rates decline, homeowners often consider refinancing their home loans. If you are in the market for a refinance loan, you may be able to get a better deal from your current lender.

May 10, 2016. Many homeowners have taken advantage of the record low interest rates to refinance their mortgages, with many simply refinancing through their current lender because of how convenient it is.However, even though they may be getting a lower interest rate than before, they may be missing out on even lower deals.

The same refinance rules typically apply to these loans as they do conventional mortgage refis. Borrowers will have to prove income, meet credit requirements and have a 20 percent equity position.

They can get away with this so long as their existing clients are not shopping other lenders at the same time. If you do refinance with your current lender during a refinance boom, you may not get the best service. If your lender has to choose between processing a loan they will likely lose if they don’t get it done quickly, or your loan which.

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The best mortgage lender isn’t the same for everyone.That’s why we compiled a list of best mortgage lenders for first time home buys to those looking for their second home. Whether you are buying.

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Advertised mortgage rates are sometimes based on paying points, so you need to make sure you compare loans with zero points or the same number of points. "It’s important to shop for the same loan on the same day to get a true comparison of mortgage rates, because mortgage rates change every day," says Smith.