A colleague of mine at RatePlug, told me about something called a Relationship Rate. It is typically offered to existing customers as a way to keep your business with the lender. To give you an incentive the lender may offer a lower interest rate and/or assist in paying part of the closing costs.
Hopefully, you are in good standing with the lender so that they will want additional business from you. Either way, you will probably have to seek out the Relationship Rate and will probably have to ask your mortgage consultant if they offer a lower rate for existing customers. The lender may require a certain level of assets in an existing account. I had to transfer assets from a different bank in order to meet a certain asset level. As soon as they confirmed I meet the minimum, I was offered the lower rate. At that point I locked my rate. After the closing, the rate is guaranteed per the terms of the loan no matter what asset level I maintained.
A single question to your mortgage consultant could lower your cost of homeownership.
Mike Babincak, CTO