How to get a better rate from your current lender – no refinancing involved!
There are a few tricks of the trade that a mortgage broker can use to encourage your current lender to reduce the interest rate on your mortgage, without the need to even refinance your home loan to a new lender. Here are just a few ways we have success in convincing lenders to reduce their current clients interest rates – but we have many others.
Generally speaking, if a mortgage broker approaches a lender to request a review of a customer’s interest rate, the lender is aware that the broker likely already has access to much lower and more competitive rates at other lenders – so it goes without saying they don’t want to play the rate game and risk losing the clients business and will generally just play nice from the start of the conversation and not mess around.
In additional, mortgage brokers generally have a good relationship with one or more contacts within the bank, so they are often given insider information on promotions and exclusive rates that are happening and just generally kept up to date with the lenders rate changes.
I receive regular phone calls from my lenders with updates and offers which often lead to a reduction in our existing client’s rates, or helps new clients get a lower rate with very little work involved.
Sometimes simply changing your loan type or loan structure slightly can also lead to a lower rate being applied or approved, which is not something that would generally be discussed when speaking with your bank directly as they are often focused on solving your question rather than seeking alternative methods.
Another trick that I’ve come across on a number of occasions, sometimes certain lenders will provide a higher interest rate discount if you quote a specific lenders current offer, but won’t be so helpful if your quote any other lenders. This often happens when there is a price war or some kind going on in the background between two lenders. Given that brokers are in the know every day, they can often pick up on these subtleties.
Not all banks will come to the party and provide further discounting, or have minimum waiting periods before review your home loan again. Having knowledge of which banks offer rate reviews, how often they will review and just how far they are willing to go, helps. If you know when to ask, what to say and how to structure your request then your chances of getting not just a discount – but getting a bigger discount, greatly improve.
At Emanate Finance this is a service we offer to all our valued clients annually and for a limited time we are currently offering this to anyone that gets in contact with us. This includes a complimentary review with your own bank to see if we can convince them provide a better offer to you. This means we will speak to our contacts at your current lender on your behalf to attempt to negotiate a better rate than what they are already offering you.
This does not involve any refinancing or switching lenders and may not be so reliant on your properties value, require any income verification or lead to any mortgage insurance, so you know you’re not up for any hefty costs or lengthy application processes.
Why are we doing this? We believe in improving everything that we touch. By doing this we hope we can offer some value and that you may consider us again in the future when you require assistance and would be comfortable to refer your friends and family.
Contact us today and put us to the test!
Complete the form below to get your rate review!
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