From experience, there is usually no penalties in applying for refinancing from various banks/financial institutions.
This is because the contract to refinance have not been signed at this stage.
Stages:
1) Application to Bank/FI
2) Offer given by Bank/FI
3) Applicant will sign on offer letter and submit in to Bank/FI to formalise contract.
Hope this clarifies!
From experience, there is usually no penalties in applying for refinancing from various banks/financial institutions.
This is because the contract to refinance have not been signed at this stage.
Stages:
1) Application to Bank/FI
2) Offer given by Bank/FI
3) Applicant will sign on offer letter and submit in to Bank/FI to formalise contract.
Hope this clarifies!