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Hi,

I have a rental property that's coming up for renewal and I'm considering consolidating to the same lender that I've used for some other real estate. On the one hand, that's one fewer lender to deal with. On the other hand, is there some advantage or leverage in using more than one lender? Maybe this creates a relationship with more than one lender? Does that even matter? Any thoughts?

Thanks.
 

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Hi,

I have a rental property that's coming up for renewal and I'm considering consolidating to the same lender that I've used for some other real estate. On the one hand, that's one fewer lender to deal with. On the other hand, is there some advantage or leverage in using more than one lender? Maybe this creates a relationship with more than one lender? Does that even matter? Any thoughts?

Thanks.
I’d prefer using a single broker….the relationship can only get stronger. It will surely speed up the process if the broker knows you and your situation already.
 

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Different lenders have different policies and they change over time. If one of them decides to not renew your loans it's better to not have all of them in one place, and if you have a relationship with another lender you can go to, all the better.
I used to use a mortgage broker, he knew the policies of various lenders and could get me a loan on good terms that would cost more, or possibly be turned down by another lender.
 

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Since when do lenders create relationships? You're only favored when considered a new client. After that, you do them a favor if you switch; two favors if you stay.

The only advantage of having one lender is being able to manage your finances under one roof.

If you're looking to solidify a relation, as others have said - seek a reputable and independent Mortgage Broker.
 
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