Today’s competitive home lending market makes refinancing much easier than in the past, and there are many good reasons to consider refinancing. Perhaps your financial circumstances have changed, you’ve started a new job or are dissatisfied with your existing lender. Maybe your current mortgage no longer suits your needs. Refinancing your mortgage can save you money in the long run if done correctly. No two home owners are the same, so speak to a qualified Loans and Mortgages mortgage broker to find out if refinancing could benefit your situation.
When to Refinance
The aim of refinancing your home loan is usually to save money, or to keep up with your changing circumstances. So, for a refinance to be successful you must consider both the market and your own individual situation. If your credit history has improved or your income has increased, you may be eligible for a lower interest rate. Does your home loan offer a competitive interest rate? Are you happy with your current lender? Have they provided you with a quality service? If not, you may consider refinancing to get better services and additional features.
Refinancing can be time consuming and costly, especially if you don’t do your homework before changing lenders. Before you refinance there are several aspects to consider, including break costs, interest rates and the value of your property. As can be expected, refinancing your mortgage can involve a number of fees and charges. It’s important to speak to your Loans and Mortgages mortgage broker about all the possible fees and charges to determine whether refinancing is a cost effective move for you.
Your Refinancing Home Loan Health Check
The reality with refinancing is that many home loan holders rarely consider their home loan, let alone review it. The typical home loan holder will only think about their mortgage when it comes time to sell their home and buy another one. Despite this, financial experts suggest that all home loan holders should review their mortgage at least once every two years. Contact a Loans and Mortgages mortgage broker for a free home loan health check, to determine whether refinancing could help you save thousands over the term of your loan.