What if my lender doesn’t offer refinancing? What to do next
It’s common to look for “refinance” or “negotiate” options when you’re under payment pressure. The confusing part is that refinancing usually does not require your current lender to offer a refinance product.
What refinancing usually is
In most cases, refinancing means you take a new loan with a different lender. That new lender uses the funds to pay off your existing loan. Your current lender provides a payoff amount and releases the lien once paid.
Why some lenders don’t “refinance”
Some companies focus on originating and servicing loans under specific programs. They may not offer contract changes or a separate refinance product. Even when they don’t, refinancing can still be possible through another lender—if the numbers and eligibility support it.
What you can do next
- Get your payoff amount from your current lender (it can differ from your balance).
- Run a neutral comparison: current loan vs a few refinance scenarios (APR, term, fees).
- If the benefit depends on small assumptions, treat it as borderline and re-check later.
Note: Policies vary and can change. This page is general guidance about what “refinance” typically means and how to evaluate next steps.