I've actually given this a shot before, but didn't have much luck myself. My credit score jumped quite a bit, and I figured I'd try the "hey, look how responsible I am now" approach. The lender basically said congrats on the improvement but wouldn't budge mid-term unless I refinanced or paid some fees. Seems like it really depends on the lender's policies and maybe even the rep you talk to...might be worth a try, but don't get your hopes too high.
Did you ask if they'd waive the fees if you stuck with them for another year or two? Sometimes lenders will budge a bit if they think you're shopping around...might be worth pushing back gently.
While gently pushing back can sometimes help, I'd be cautious about locking yourself into another year or two just to waive fees. Lenders might budge a bit, sure, but they're also counting on you staying put—often at rates that aren't the most competitive. Before committing, I'd suggest running the numbers carefully. Sometimes paying a small fee upfront to switch lenders can save you way more in interest over the long haul...just something to consider before you jump in.
Had a lender try to rope me into something similar a while back. They offered to waive fees if I stayed an extra two years, but when I crunched the numbers, turned out I'd be shelling out way more in interest overall. Ended up paying the upfront costs to switch lenders instead—hurt a bit at first, but saved me a decent chunk over time. Definitely worth running your own math before jumping on these deals, sometimes they're sneakier than they look...
Good catch on running your own numbers—lenders often count on people skipping that step. I've seen similar scenarios where the waived fees look tempting, but once you factor in the extra interest, it's not such a sweet deal. Curious if anyone here's ever successfully negotiated better terms with their existing lender rather than switching outright? I've heard mixed experiences on that front...
