Refinance

If you want to know if refinancing your mortgage is the right option for you, you will need to think about why it is you want to refinance, and what the costs will be to move your mortgage.

Why Refinance?

You may consider refi your mortgage:

• When interest rates change
• When your personal circumstances change
• If you need to consolidate debt
• If you want to lower your home loan repayments
• When you want to access home equity loans

You may also like to ask yourself if your current home loan matches your needs – for example, do you use all of your loan’s features, or are you missing some features you could really make use of?

Be aware that there are costs involved in when you refinance your mortgage, so it’s important to consider the long term benefits against the actual costs of mortgage refinancing.

Things You Should Consider With a Mortgage Refinance

The main things you should consider before committing to a mortgage refinance relate to your motivation.

Check on exit or deferred establishment fees that you will be required to pay in association with your mortgage refinance.

Check out the establishment fees on the new loan and if there any special home loan deals on at the moment

If you are refinancing your mortgage to a fixed home loan rate or a honeymoon loan rate, find out what the repayments will be once the interest rate reverts.

If your mortgage refinance is to access equity, make sure that you have done your sums correctly on your needs and that there is enough equity available in your property to go ahead.