With the interest rates this low, it’s worth looking into some of the mortgage refinance options. There are plenty of competition among the big banks, credit unions, and mutual banks. This helps drive the rates down further.
Is refinancing a lot of work?
No, not as much as what is used to be. With plenty of digital enhancements and process efficiencies throughout the financial industry, the refinance process is now less painful than what it used to be. Compared to a brand new home loan process, the refinance process is about 1/5th of the work.
Besides the obvious, saving thousands of dollars by reducing the interest rate, there are plenty more other reasons.
- Consolidation of debt
- The property price had appreciated and looking to access equity
- Change in family conditions – starting a new family
- Unhappy with the current bank
- Changes to your cash flow
When is the best time to refinance?
With the government regulatory changes already in place banning home loan exit fees, refinancing has now become an effective way to an improved financial position.
While there is no “best time” as such, it’s a matter of finding the best mortgage rate tailored just for you.
Who and what will give you the best rates?
There are a few situations when you’re put in the driver seat when the banks and brokers fight for your home loan.
- Your loan to value ratio is less than 80%
- Stable employment history
- No issues with your credit file
- All your unsecured liabilities are well within your budget
LoanDolphin is where you can go to find the best bankers and brokers. Take 3 minutes to post an auction and watch bank lenders and brokers fight for your home loan. Get started today!
Disclaimer: This blog post has not taken into account your objectives, financial situation or needs. Due to this, before acting on any general advice/information in this communication, you should consider whether it is appropriate to your objectives, financial situation or needs.