In 2025, 87% of borrowers paid higher than the best available mortgage rate for their credit profile — often because they didn't shop around, according to Bankrate's Hidden Homeownership Tax research.
Refinancing can lower your interest rate and cut thousands of dollars off the total cost of your loan.
Staying with your current lender out of convenience can mean paying a hidden "loyalty tax." Below, we break down when sticking with your lender pays off and when it costs you.
You can refinance with your current lender or switch to a new one — there's no rule requiring you to do either. The real question isn't whether you're allowed to change lenders (you are); it's whether it's the smarter move for your finances.
That decision comes down to more than just comparing your current lender's offer against the competition. Whether you're thinking of refinancing to tap into home equity or snag a lower rate, here's how to weigh the convenience of staying put against what you might be leaving on the table by not shopping around.
#rate #current #lender
Refinancing can lower your interest rate and cut thousands of dollars off the total cost of your loan.
Staying with your current lender out of convenience can mean paying a hidden "loyalty tax." Below, we break down when sticking with your lender pays off and when it costs you.
You can refinance with your current lender or switch to a new one — there's no rule requiring you to do either. The real question isn't whether you're allowed to change lenders (you are); it's whether it's the smarter move for your finances.
That decision comes down to more than just comparing your current lender's offer against the competition. Whether you're thinking of refinancing to tap into home equity or snag a lower rate, here's how to weigh the convenience of staying put against what you might be leaving on the table by not shopping around.
#rate #current #lender
2 days ago
