Refinancing?
If you want to refinance, Real Choice Mortgages will assist. We can compare different loan products, arrange your loan application, and simplify the processes of paying out your old loan and securing the new one.
However, refinancing requires careful consideration. You must ensure that refinancing is really the best step to take. The following information is provided to assist you in determining whether refinancing is the best option, and what matters should be taken into account.
Use your Personal Lending Manager effectively
Why do borrowers seek to refinance?
There are all sorts of reason why people decide to refinance their home loan, including early payout and release from the mortgage, unsatisfactory service from the existing lender, the desire to consolidate debts, and refinancing as part of an investment purchase strategy.
What should borrowers consider before refinancing?
The first and most basic consideration is whether you will be better off financially after you have refinanced.
You should find out if your current loan contract provides for
break costs or other fees if the loan is paid out early, and add to these the establishment costs associated with the taking out of a new loan.
Determine how long it will take you to recover the costs of refinancing. For example, if you will be selling in the next couple of years, and must pay out your mortgage anyway, refinancing may not be cost effective. However, if you intend to keep the property for some years, then refinancing may be the way to go.
Will your existing lender do a better deal?
After completing your research and deciding that refinancing is a good option, check with your existing lender to see if they will accommodate your requirements. Some lenders will go to great lengths to save an existing customer, and if you have done your homework you will be in a good position to enter into negotiations.
Use your Personal Lending Manager effectively
Your Real Choice Mortgages personal lending manager will assist you in comparing your existing loan product with others available.
There is a vast array of features available across our panel of lenders, and your personal lending manager will save you a great deal of time and effort in your search for the right product. Your personal lending manager will also provide assistance as you research the viability of refinancing.
If you would like to discuss your home loan options with a Real Choice Mortgages personal lending manager,
click here to contact us.
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