vendredi 4 mars 2016

Bad Credit Refinance Home Loans - You Need to Research to Get the Best Deal!

Bad Credit Refinance Home Loans - You Need to Research to Get the Best Deal! 

What's the ‘best’ refinance deal*?

The best refinance deal is one that suits your home loan needs while not raising your expenses. Ideally, a good refinance deal will lower your ongoing expenses and periodic repayments by offering a lower interest rate and more suitable features, such as an offset account and a redraw.
As a result, the best refinance deal depends on your unique situation and needs, so it's best to speak to a mortgage broker to help you find a suitable mortgage.
Before doing your research, you should ask yourself the following:
  • What type of loan do I want? You might want to switch from a variable rate to a fixed rate or vice versa, or you might want to refinance to a home loan which allows you to make unlimited additional repayments on your home loan when you have extra cash. During this stage, you should think about your lifestyle and how this may influence the type of loan that you need. For instance, if you're thinking of starting a family in the near future, you may want to consider a fixed-rate or split-rate loan to provide you with greater certainty of what your repayments will be. Ideally, you should have a list of features and specifications you want in your home loan before starting a comparison.
  • What are the savings? Savings are one of the most important considerations when refinancing. While it’s good to opt for lower interest rates, make sure that the cost savings outweigh the costs of refinancing or switching lenders. Ask your existing lender for details about any discharge fees or government charges that may apply when you exit your current home loan and consider any upfront costs charged by the new lender. Use our refinancing cost calculator to estimate your switching costs.
  • What is the loan term? The length of the loan term can determine the cost savings that result from the refinance. For instance, if you have your mortgage refinanced after paying it off for 15 years and have the balance spread out over another 30 year period, you may actually pay more over the total 45-year duration despite the lower interest rate.

Aucun commentaire:

Enregistrer un commentaire