Lender Loyalty to one or many?

[Erik Sherburne]

Curious how much loyalty you have to a single lender.  I've worked with a few and there are a couple I really like.   I'm refinancing a property now and there are three that are giving me rates and closing costs.     Current lender can wave appraisal fee, lender I worked with on another loan can give me $500 off the next one, etc. etc.    I do believe in loyalty.  I do believe in relationships as being fundamental to success.    Do I go with the best deal?   Use the best deal on this one and the other lender on the next one?  Stick with one lender unless the numbers are way off?

[Account Closed]

@Erik Sherburne cool to see someone in the Twin City area on BP. I am in Philly, but I have visited the St. Paul area a couple times. 

Here is my recommendation, try to negotiate but go with the best-priced lender. Although loyalty is important and is a valuable standard to uphold, you will have other opportunities to work with the lender you did not pick. The biggest risk is if you are stuck with only one option when you are refinancing. When rates change every bank has a different policy about how to incorporate new rates and how quickly to change them or how to change underwriting standards. If you can have multiple options you will be better off, especially if you get to the point where you are on the cusp of an underwriting criteria, you don't want to get rejected and have no place to turn.