Refinancing!

There is often great debate about whether it’s a good time to refinance your loan or not?

Refinancing has many advantages, and most people look to refinance their loan due to their current interest rate going up, or a new need to borrow more money.

Refinancing is a great way to save money on your home loan, and many lenders are offering great low interest rates to attract new clients. Most often these interest rates are lower than what they offer their long term clients, so it’s always a good time to shop around. Lenders are also offering cash back for clients to refinance. This means that if you meet the lenders criteria you may receive cash back in your pocket to switch your loan to another bank.

Before refinancing it’s important to understand what rate you are currently on, what fees you are currently paying and match them against what the new lender is offering. A mortgage broker can help you with this and provide valuable insight into whether a refinance is really the best thing for you to do.

We often say that it’s good to check your home loan interest rate each year, and compare it to other lenders. But always remember to look beneath the surface, as a lower interest rate doesn’t always mean a better deal. Check the fine print and always make a decision on what’s best for your needs.