Comments on: Refinancing With Your Current Mortgage Company http://www.nodebtplan.net/2009/04/28/refinancing-with-your-current-mortgage-company/#utm_source=rss&utm_medium=rss&utm_campaign=refinancing-with-your-current-mortgage-company A personal finance blog teaching you how to live debt free and use credit wisely. Fri, 10 Feb 2012 15:18:07 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Carnival Of Twenty Something's Finance: Backpacker's Edition | Man Vs. Debthttp://www.nodebtplan.net/2009/04/28/refinancing-with-your-current-mortgage-company/#comment-50365 Carnival Of Twenty Something's Finance: Backpacker's Edition | Man Vs. Debt Fri, 11 Dec 2009 12:44:10 +0000 http://www.nodebtplan.net/?p=2570#comment-50365 [...] presents Refinancing With Your Current Mortgage Company posted at No Debt [...] [...] presents Refinancing With Your Current Mortgage Company posted at No Debt [...]

]]> By: Kevinhttp://www.nodebtplan.net/2009/04/28/refinancing-with-your-current-mortgage-company/#comment-19823 Kevin Sun, 03 May 2009 20:14:58 +0000 http://www.nodebtplan.net/?p=2570#comment-19823 @Kelly: Woohoo! What are you going to do with an extra $320? @SavingDiva: What do you mean? What kind of problems are you having? @Garry: What kind of a mortgage are you in that won't let you refinance for another 3 years? @DanL: You make a good point. I suppose there might have been someone out there that would refinance us for less, but I'm not sure how much lower they might have gone. Also since we are at about 90% loan to value and would need to get approval from our current bank to let another bank refinance us, I wasn't sure how successful that would be. The situation would be different if we only had one mortgage. @Kelly: Woohoo! What are you going to do with an extra $320?

@SavingDiva: What do you mean? What kind of problems are you having?

@Garry: What kind of a mortgage are you in that won’t let you refinance for another 3 years?

@DanL: You make a good point. I suppose there might have been someone out there that would refinance us for less, but I’m not sure how much lower they might have gone. Also since we are at about 90% loan to value and would need to get approval from our current bank to let another bank refinance us, I wasn’t sure how successful that would be. The situation would be different if we only had one mortgage.

]]> By: DanLhttp://www.nodebtplan.net/2009/04/28/refinancing-with-your-current-mortgage-company/#comment-19190 DanL Tue, 28 Apr 2009 18:09:37 +0000 http://www.nodebtplan.net/?p=2570#comment-19190 Kevin - agree that speaking with your existing lender is an option, but not always the best one. What is negotiable with one lender is negotiable with all lenders. Everything is up for negotiation when it comes to a mortgage, it just depends on how much a lender/broker is willing to give up. I would encourage readers to beware if your current lender contacts you about refinancing because it may not be the best deal. In this case, the lender knows they already "have" you so offering you a rate slightly above their competititors is likely. The borrower thinks the lender is doing them a favor, in reality the lender knows there is more money being made and a customer has now been retained at a rate above the market. Just some food for thought, but I encourage all of my borrowers to shop, and I teach them how to do so! I hope your closing goes smoothly! Kevin – agree that speaking with your existing lender is an option, but not always the best one.

What is negotiable with one lender is negotiable with all lenders. Everything is up for negotiation when it comes to a mortgage, it just depends on how much a lender/broker is willing to give up.

I would encourage readers to beware if your current lender contacts you about refinancing because it may not be the best deal. In this case, the lender knows they already “have” you so offering you a rate slightly above their competititors is likely. The borrower thinks the lender is doing them a favor, in reality the lender knows there is more money being made and a customer has now been retained at a rate above the market.

Just some food for thought, but I encourage all of my borrowers to shop, and I teach them how to do so! I hope your closing goes smoothly!

]]> By: Garry - thisimprovedlifehttp://www.nodebtplan.net/2009/04/28/refinancing-with-your-current-mortgage-company/#comment-19185 Garry - thisimprovedlife Tue, 28 Apr 2009 16:21:31 +0000 http://www.nodebtplan.net/?p=2570#comment-19185 Good luck with the refinancing. We would consider doing the same except we are locked in for another 3 years. Good luck with the refinancing. We would consider doing the same except we are locked in for another 3 years.

]]> By: SavingDivahttp://www.nodebtplan.net/2009/04/28/refinancing-with-your-current-mortgage-company/#comment-19167 SavingDiva Tue, 28 Apr 2009 13:49:51 +0000 http://www.nodebtplan.net/?p=2570#comment-19167 Wow! I'm having enough problems figuring out what is going on with my first mortgage! I don't think I could handle a refinance :) Wow! I’m having enough problems figuring out what is going on with my first mortgage! I don’t think I could handle a refinance :)

]]> By: Kellyhttp://www.nodebtplan.net/2009/04/28/refinancing-with-your-current-mortgage-company/#comment-19165 Kelly Tue, 28 Apr 2009 13:19:22 +0000 http://www.nodebtplan.net/?p=2570#comment-19165 Good luck with the refi! I hope it actually happens this time. We refi'ed earlier this year and we couldn't be happier! We changed companies (to our current bank) and had the same drop in interest as you. :) We're saving $320/month! Good luck with the refi!
I hope it actually happens this time.
We refi’ed earlier this year and we couldn’t be happier!
We changed companies (to our current bank) and had the same drop in interest as you. :)
We’re saving $320/month!

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