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Thinking About Re-mortgaging? Read These Tips First
More and more of use are signing up for limited time low interest rate mortgages and then switching to a different mortgage when the low interest period expires.
It's a great way to save money and can, potentially, save you thousands in repayments. However, there are a few things you need to think about befoe you re- mortgage.
Firstly, check there's no early redemption penalty on your mortgage. These days most early redemption penalties expire at the same time as the low interest rate period, in which case there's no problem. Make sure that if your mortgage has an early redemption penalty that it does last beyond this period, otherwise it could cost you a significant amount of money.
Secondly, remember to take into account any additional costs when you re- mortgage. These could include an application fee for your new mortgage, legal fees, a valuation fee, or a fee for paying off your existing mortgage early. You need to include these fees in your calculations ehn you work out how much you'll save.
Thirdly, consider taking financial advice from a qualified financial advisor. If you go to one who charges a fee for there services rather than earning commission on investment products, you can be sure of unbiased help. Even if you think you know exactly what you're doing, a financial advisor will often point out details that you hadn't considered.
Finally, make sure you read the terms and conditions of your new mortgage. It may seem like a good deal but if it turns out to be less flexible in the long run then it may end up costing you more than you save.
As long as you tread carefully, and get good advice, re-mortgaging is an excellent way to save money on your mortgage.
Robert Armstrong is a contributor to Consumer IQ - a site dedicated to publishing details of the UK's best high street and online deals.
MORE RESOURCES updated Sun. May / 28 / 2023
Today's Mortgage, Refinance Rates: May 26, 2023 | Tired of Rising Rates? Blame the Debt Ceiling Debacle - Business Insider
Today's Mortgage, Refinance Rates: May 26, 2023 | Tired of Rising Rates? Blame the Debt Ceiling Debacle Business Insider
The Great Pandemic Mortgage Refinance Boom - Liberty Street ... Liberty Street Economics -
Compare Today’s Refinance Rates | U.S. U.S News & World Report Money
What is mortgage refinancing and how does it work? Yahoo Finance
Today's Mortgage, Refinance Rates: May 21, 2023 | Rates are Flat for now, but Should Drop Later This Year - Business Insider
Today's Mortgage, Refinance Rates: May 21, 2023 | Rates are Flat for now, but Should Drop Later This Year Business Insider
How to get a low-cost mortgage refinance Yahoo Finance
Should you refinance your mortgage to pay off debt? New York Post
Banks to be stuck with 'mortgage prisoners' as those who can refinance their home loan search for a better interest rate - ABC News
Banks to be stuck with 'mortgage prisoners' as those who can refinance their home loan search for a better interest rate ABC News
Home equity loan or HELOC vs cash-out mortgage refinance Yahoo Finance
What Credit Score Is Needed To Refinance a House | Chase Chase News & Stories
Total Household Debt Reaches $17.05 trillion in Q1 2023; Mortgage ... - Federal Reserve Bank of New York
Total Household Debt Reaches $17.05 trillion in Q1 2023; Mortgage ... Federal Reserve Bank of New York
Ask Chuck: How can I ever afford a home? The Christian Post
Struggling mortgage holders furiously refinance MacroBusiness
Refinancing your mortgage could save you thousands — here are some of the best refinance lenders - CNBC
Refinancing your mortgage could save you thousands — here are some of the best refinance lenders CNBC
How To Remove PMI: A Complete Guide Zing! Blog by Quicken Loans
Compare Current VA Loan Rates | U.S. U.S News & World Report Money
How does mortgage refinancing work? CBS News
Should I Refinance My Mortgage? - Buy Side from WSJ The Wall Street Journal
Here’s how sharply mortgage refinancing has dropped off Yahoo Finance
CFPB Launches Effort to Spur New Opportunities for Homeowners ... - Consumer Financial Protection Bureau
CFPB Launches Effort to Spur New Opportunities for Homeowners ... Consumer Financial Protection Bureau
Today’s 30-year mortgage refinance rates hit lowest levels in 15 days | Oct. 28, 2022 - Fox Business
Analysis | It Will Pay to Wait to Refinance Your UK Mortgage The Washington Post
Small Business Loan Refinance Bankrate.com
Why Older People Can’t Get New Mortgages The New York Times
VA Refinance Rates - Current VA Loan Refinance Rates Today Business Insider
Debt-Ceiling Deal Is Close. Recession And Stock-Market Drop May ... Investor's Business Daily
Current 15-Year Refinance Rates Today Business Insider
Refinance Closing: An Overview Zing! Blog by Quicken Loans
7 Refinancing Programs for Seniors Total Mortgage
Compare Current 30-Year Refinance Rates Business Insider