Moneyes wrote: The only way to do this and save on processing fee's is to have your current lender simply re-structure the current loan. I have done that twice on car loans because, as your re-payment history remains solid and your credit score increases, you are due a lower interest rate. So if your current lender won't do it, lower your interest rate, there are scores of other lenders who will.

How do you call to make it happen, the dealer or the lender? Why would they be willing to do that? If you're paying less overall, what's in it for them? I love the idea, just don't understand how it works.

Brandon01 wrote: Hi,

Please help me know the details of mortgage renewal costs. I am planning to consult a new lender for further processes. So, there would definitely be a setup fee for that. But, I don't know whether there are any other related costs.

Does anyone have any previous experience in this? And what are the formalities while switching a lender? Is it that much complicated? [Link Removed]

Hope someone could help me. Thanks in advance!

Each bank has its own fees and processes, but there is usually no costs to inquire. I would get a couple of quotes to get you the best rate. A few large, national banks, as well as a few local credit unions.

Information from The Business Standard:

"The process of transferring of home loan is very simple and it is completed in a few steps. Firstly, you need to submit an application to your current lender requesting to transfer your current home loan to the other bank. On the basis of your request, the bank will provide you a consent letter or NOC and also statement mentioning your all outstanding amount. Then you need to submit these documents to the bank where you want to transfer the loan.

Afterwards, your new lender sanctions the loan amount to the old lender for the closure of your account. Once all the transactions are over, your property papers will be handed over to the new lender and remaining postdated cheques or ECS will be cancelled. The home loan switch is beneficial because the bank in which such loan is transferred offers you a lower rate of interest.

The Bank you are moving on will treat your home loan as fresh and you have to follow all the procedures again. It will include your credit appraisals, legal verification of your property credentials and also the technical evaluation by the new bank, etc.

On transferring to your account, you need to pay some processing fees to your new lender which ranges somewhere between 0.5% and 1.5% of the loan amount."

Source: http://www.business-standard.com/article/pf/transfer-your-home-loan-in-easy-steps-113091300118_1.html

The only way to do this and save on processing fee's is to have your current lender simply re-structure the current loan. I have done that twice on car loans because, as your re-payment history remains solid and your credit score increases, you are due a lower interest rate. So if your current lender won't do it, lower your interest rate, there are scores of other lenders who will.

Hi,

Please help me know the details of mortgage renewal costs. I am planning to consult a new lender for further processes. So, there would definitely be a setup fee for that. But, I don't know whether there are any other related costs.

Does anyone have any previous experience in this? And what are the formalities while switching a lender? Is it that much complicated? [Link Removed]

Hope someone could help me. Thanks in advance!