You may have heard that it pays to shop your bank! It’s true! While you may feel comfortable and secure at your current bank exploring the different products you may qualify for only makes sense.
We understand change is hard, but if another bank or financial institution is willing to offer you a better deal at a lower rate why wouldn’t you want to at least review it?
Freedom Lending can help you refinance your current home to help pay off high interest loans, mountains of credit card debt or consolidate the debt load to help improve your credit health all while shopping for your best option.
The entire process is similar to renewing your mortgage in most cases we can walk you through the refinance from start to finish. Knowing how the new refinance will help reduce your debt, save your credit rating and save you money is key to making a solid decision.
If you have good credit, but own your own business or your credit is not the greatest refinancing your home can help you build your business, pay off loans and boost your credit so you can lower your mortgage payment and save money!
So why use Freedom Lending and not just simply sign the renewal and stay with your bank? Ask yourself a few questions before just signing;
Is my bank giving me the best interest rate?
Why is my bank leaving this renewal to the last possible second?
Can I actually take a small increase and payoff some debt at a new, lower rate if I shop around?
The truth is your bank may not be giving you the best rate, but one they assume you will just sign for or one that meets their internal guidelines that require the least amount of work.
The renewal window isn’t an oversight or an accident. If you have little time to shop, statistically you are more likely to sign the offer rather than shopping around. If you had extra time to think over the renewal you may actually shop around and ask questions. Some banks would rather you just take their word for it, sign off and lock yourself in.
Asking for an increase means you want to use the equity you have earned over time to your advantage and may not fit with your current lenders guidelines. While taking the increase to pay off higher interest rates makes sense for you, it means extra work for most banks and they would rather just renew your mortgage and move on.
Remember, it could cost you nothing to refinance, zero to switch banks and it certainly won’t cost anything to shop around. The 5 minute conversation with one of our top agents could end up saving you thousands on your mortgage.