Refinancing - Important Questions To Ask

Home loan refinancing can be an excellent way to change your mortgage structure so that it better fits your goals.

Here are some useful questions to ask if you are thinking about refinancing.

What do I hope to achieve?

Why do you want to refinance? It is important to understand exactly what you hope to achieve by refinancing your loan.

That’s because a refinance package to help you consolidate your debt won’t be the same as one that lets you access your equity or fund renovations.

How much will it cost?

It’s a great idea to find out how much you can save in the long-term by refinancing - a home loan calculator can be extra useful for this - but don’t forget to factor in the short-term costs of re-jigging your loan.

What is the best way to refinance?

There are many different ways to alter home loans so that they better match your needs - don’t forget that the loan with the lowest interest rate isn’t necessarily going to be the best for you.

A mortgage expert can help you find a loan which has just the right mix of rate, fees and overall flexibility.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.