29 Jun 2016
Is It Time to Refinance?
Have you checked your home loan lately?
It makes sense to schedule regular check-ups with the doctor to ensure your body is as healthy as possible. But what about the health of your wallet? If you’re not regularly checking your home loan, you might be in for a surprise.
Many mortgage brokers, including us, offer mortgage refinancing as part of their overall service. A refinance is when you examine your home loan with a qualified broker and determine whether it’s worth switching over to a different home loan package.
If you suspect you might be paying more than you have to, but you have no idea where to start, here are a few options:
Your bank
Contact your bank and ask for a lower rate. Your home loan’s interest rate might not reflect the latest market movements as it stands, so you might be able to secure a better rate on your loan.
Interest rates are currently sitting at their lowest point in decades, so now is a fantastic time to get in touch to renegotiate.
A relationship manager
A relationship manager can help you find the right products and services for your specific needs. Some home loan lenders provide them to their clients as a guide.
Relationship managers assist with the entire process, answering difficult questions and directing you as a homeowner on how to have the easiest mortgage experience possible.
If you’re worried you might be paying more interest than you have to, but you aren’t sure where to start, a relationship manager is the perfect person to help you figure out what to do next.
Mortgage brokers
After just a short amount of time performing a financial check-up on your home loan, you might find that you could save thousands of dollars in the long run.
If you can secure an interest rate that’s even 0.5% lower, and you’re planning on holding on to your home for over a year, it’s worth investigating the refinancing of your loan.
As it happens, you’re in the right place to do exactly that.
Mortgage House
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of refinancing, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.