Can You Refinance With the Same Bank? [US Banking 101]

If youโ€™re trying to answer โ€œCan you refinance with the same bank?โ€ the short answer is yes. However, there are a few important considerations before deciding if this is right for you.

In this article, weโ€™ll take a look at these considerations and discuss several common pitfalls that you should aim to avoid.

Weโ€™ll also answer several common questions we receive from individuals looking to refinance in the United States, including both US citizens and foreign non-residents.

In fact, if youโ€™re a foreign non-resident looking to navigate various US banking options, you can use our other free resources to start now.

The available free resources include opening US bank accounts remotely, getting approved for US mortgages, and accessing payment tools, including how to create a US PayPal Account.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. Can You Refinance With the Same Bank?
  2. What Can You Refinance With the Same Bank?
  3. Frequently Asked Questions
  4. Ready to Open Accounts With Banks in the USA?

Can You Refinance With the Same Bank?

Yes, borrowers can refinance with the same bank. This can offer borrowers a number of benefits, not the least of which includes financial savings. Additionally, if a borrower has an established relationship with the bank, they can continue to grow that relationship by maintaining their accounts.

Maintaining and growing a bank relationship like this is especially important for foreign non-residents. The main reason for this is that there are a limited number of banks that will lend to foreign non-residents in the United States. So, growing a relationship over time can be especially important for these customers.

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What Can You Refinance With the Same Bank?

Borrowers can refinance a wide range of existing loan products with the same bank. The only time that refinancing is not an option is if a bank has a specific policy restricting the refinancing of existing loans.

If a bank does have restrictions in place, then borrowers can explore alternative financing options through other financial institutions. Even when a borrower intends to refinance through existing banking relationships, they should explore all of the available options to ensure they are receiving a reasonable proposal.

Frequently Asked Questions

Below are three of the most common questions that we receive from people looking to refinance with the same bank. If you have further questions you would like answered, donโ€™t hesitate to get in touch with us directly.

Does It Make Sense to Refinance With the Same Bank?

It can make sense to refinance with the same bank if they are offering the same or better rates than other banks. In addition to the savings offered through refinancing, maintaining a relationship with a bank over a longer period of time can have added benefits, including making communication easier.

Can You Auto Refinance With the Same Bank?

Yes, it is possible to auto-refinance with the same bank. That said, auto refinancing will depend on a number of variables, including the condition of the vehicle and whether the bank offers auto refinancing at all. Additional considerations include the value of the loan, the number of payments remaining, and the existing financing terms.

Is it Easier to Refinance With the Same Lender?

It can be easier to refinance with the same lender since they already have access to the initial information required to process a financing application. That said, they would likely require updated tax documents, employment information, and more. Importantly, even if you intend to refinance with the same lender it could still be valuable to explore your other options to ensure you are getting reasonable refinancing terms.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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