If you’ve had a mortgage for a while, you might be considering refinancing to find a better interest rate deal – or to give you access to some equity to do some home renovations.
Understanding whether you need to go to a mortgage broker to refinance is an important question to consider and, with the right research, you can make the decision that best suits your own financial circumstances.
If your home loan was arranged through the bank you had an existing relationship with, the truth is that you may be able to find a great deal for yourself simply by ringing your bank and telling them you are thinking of shopping around to refinance. If they value your business – and you tick the right boxes for them to approve giving you a better deal – some people do have success by just doing it themselves.
Others, though, report that using a mortgage broker as an intermediary between yourself and the financial institution your home loan is with, is a more successful way to play hardball and negotiate a better interest rate for your home loan.
And sometimes, the reality is, that the very best way to get yourself a better mortgage deal is to take your business to a different lender. That’s when a mortgage broker can definitely help by giving you access to a large range of loan products.
Weighing up all the options about whether or not refinancing is right for you can only be done with accurate information at your fingertips.
There is no doubt that working with a mortgage broker to help you refinance does take the hassle out of the process. When you choose a mortgage broker to help you refinance your mortgage, they can save you time and worry by dealing with all the necessary paperwork and helping you understand the difference in rates, fees and potential charges you may face for switching loan products and choosing a new lender.
Here are some ways an experienced, professional mortgage broker can help you refinance:
- Mortgage brokers have expert industry knowledge that can help you navigate the refinancing process
- They can easily help you compare cheaper interest rates to work out how much you can save
- They have access to a broad range of lenders that suit your circumstances
- They can tap into mortgage products that match your individual needs and financial goals
- They can guide you through the time-consuming application process and paperwork
- They can advise you how to make the most of accessing your equity
It’s also good to remember that, because mortgage brokers have relationships with multiple banks and non-bank lenders, they specialise in helping people find suitable home loans – even when people’s financial circumstances may have some challenges.
Crunching the numbers is always recommended before taking on any loan. By working out what the change in repayments may mean to your budget and the life of your home loan, you can make an informed decision about whether or not refinancing your mortgage is the best decision to make.
For more insights into how refinancing can help you get a better interest rate, talk to our mortgage refinancing experts at Lending Specialists today.