Refinancing Your Mortgage

Have you thought recently about refinancing your mortgage? It is becoming more common to refinance as home owners want to attempt to make their loan repayments more affordable in the short term.

There are a number of options available to you if you are considering refinancing your mortgage.
Explore carefully all your options with your existing mortgage provider and a different mortgage provider, make sure you shop around – because your existing lender may or may not have the best rates.

Check the costs of your current loan against its cancellation cost plus the set-up and ongoing costs of any new loan before you decide to refinance.
Find out what the total cost or a close estimation of the refinance is and then figure out how much you will save. Ask yourself, Will I actually be better off if I refinance, and is it worth it?

Things you need to consider when refinancing with another mortgage provider:
Interest Rates (existing and new provider)
The fees and charges for the life of the loan (new provider)
Monthly payments over the life of the loan
Applicable exit fees

It is a good idea to seek independent advice regarding your options before making a decision to refinance.

August 2011