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[MoreMore Insights] Internal Refinance

Updated: Sep 27, 2022

If you are planning on refinancing, the first question that comes up is which lender to go with. People could get comfortable with their existing lender over time, especially if it has been years staying with the same financial institution, repayment methods and medium of payment stay the same. Therefore, if asked, most people would prefer to stay with their current lender unless the benefits or product features they are after are not being offered by their lender. Smart investors will shop around to see if there are better deals available.

Is Possible to Refinance with Existing Lender?

Of course you can refinance with the current lender. In fact, there are some benefits and plus points to stay with the same lender, for instance:

• Current lender could be offering the best deal in the market;

• There is relationship already between the lender and the client;

• This could be a fastest and hassle-free application without any additional document required;

• Clients can still use the same transaction accounts, online banking and debit card;

• Lenders want to keep their good clients. Therefore, the retention team might offer some benefits to them.

On the other side, clients could miss out some opportunities which could be:

• Cheaper rate and better savings by switching to another lender;

• Missing out on Cashback reward offered by other lenders;

• The bank may not offer their best deals which they reserve for people refinancing from other lenders;

• Switching might help with current problems that the clients are already facing.

Therefore, it is crucial to act as a savvy investor and shop around before deciding on a refinance. If you choose to stay with the current lender, ask your lender to match other competitors' lower rates, so you probably can save more on interest. Contact your professional mortgage brokers at MoreMore Finance to get some quotes.

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