Are you a home-owner with a mortgage?
Want a better rate? Consolidate your debts? Pay down your mortgage quickly? Access equity?
Review your current mortgage and maybe it’s time for you to refinance.
What is Refinancing?
It’s the potential swapping of your loan to another lender who can better meet your current needs, wants, and circumstances.
It may be the right option for you but don't get hooked into a bad deal!
- Don’t be fooled by the interest rate
- Finding a lower interest rate doesn’t necessarily mean you’ve scored yourself a better deal. In fact, a product with more features may cost you a bit more in fees or interest but could save you more in the long run.
- Honeymoon rates are just that
- Don’t be lured by offers with discounted introductory rates unless you’ve calculated the savings over the life of the loan. While a loan with a discounted interest rate seems a tempting offer, it’s only temporary.
- Be aware of the fees
- While these cannot be avoided, you have to ensure that the costs involved are not higher than the savings, to make the process worthwhile.
Speak to a professional. Avoid Refinancing Traps.
So, what can a mortgage broker do for you?
Assess your needs and whether you can afford a different loan structure or other change to your mortgage.
Help you save money with a proper review of your current financial situation (Income, Debts, Assets, Property Value).
- Review various loan options and figure out whether it’s worth it for you to refinance
- Take advantage of a lower interest rate from another lender
- Negotiate with your current lender for a rate suitable to your current situation
- Look at alternate options to consolidate your personal loans and credit cards into the one loan
- Access loan options from a range of different lenders.
While there are traps to avoid, a little expertise can take the stress out of refinancing to save you thousands, to fund that renovation, or to simply find a loan that suits your life a little better.