If I Move, Do I Need to Remortgage?
Homeowners who need to move experience a lot of disruption. They must figure out what to do with their home. Plus, they must figure out how to repay their mortgage. One option is to remortgage. However, that’s only an option when you seek to change lenders. A remortgage is another way of describing a refinance. Homeowners refinance for a few reasons. Mainly, they seek to improve their current loan terms, especially their current interest rates.
Sometimes individuals become homeowners with a low doc loan or bad credit mortgage. The terms are not always favourable but it helps them put their foot in the door of homeownership. When their financial circumstances improve, it makes sense to refinance. Refinancing can save homeowners thousands of dollars.
When a homeowner refinances their mortgage, they can remain with their original lender. If they find that they can obtain better loan terms with another lender, they will refinance to make the change.
Mortgage House works with an array of homebuyers and homeowners. We also work with investors and owner-builders. If you want to improve your loan terms, our team can help you refinance. Moreover, you’ll receive access to our other loan products and benefits. Our team continues to find ways to deliver innovation to the lending industry in Australia.
If you move, you can stay with your lender in most cases and skip the remortgage. However, if you would like to become a Mortgage House client, our team will help you refinance your home loan. Contact our loan specialists today.