Tuesday, January 31, 2017

Is My Current Lender The Best One To Refinance My Mortgage?

When you are behind on mortgage payments, or simply want to get better terms, seeking to refinance is a good option. A refinance can result in a lower interest rate, a longer repayment term, and/or curing any arrearage on the note. These things all work together to get you a lower and more manageable mortgage payment, which is a good outcome for any homeowner. But you may be wondering if your current mortgage lender is the best place to go for a refinance, of if you should give a competitor a try.

When making the decision to refinance with your current lender, or find a new one, here are some important things to keep in mind:

         Your current lender will have access to all of your data, and may not require you to fill out lengthy refinance application. Some lenders are able to use a “short form” application when it is their current customer who is seeking to refinance.
         Your current lender may want to keep you as a customer, because even with a reduced interest rate the bank will make a profit. This can play into your hand when negotiating a new rate, especially if you advise the lender that another bank is making you a better offer.
         You already have an established relationship with your current lender, and this might make it easier to work your way through what can be a maze of document requests.
There is nothing wrong with shopping around, and the key is to find the option that meets your needs the best. This might mean staying put with your current lender, or it could mean it is time to start fresh with someone new. In any event, you will need competent help by your side, and we are happy to take on your case. We will explore your options and help you make a choice that makes sense, and one that can help you stave off a foreclosure or the need to file bankruptcy. Let us put our experience to work for you, so you can get your budget on track and save money where possible.

For more information about how a mortgage modification or refinance can help save your home, call us today or reach us online at www.law-ri.com. We have multiple locations to serve you and can schedule a time to meet at the office most convenient for you.

1 comment:

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