Mortgage Refinance Tips

Research your current mortgage fully (including interest rates, fees and home loan features) to facilitate a meaningful comparison;
Identify the mortgage features that you are after and then review the home loan market to determine which products offer the features you are looking for.
Do not get fixated on the product interest rate exclusively, sometimes a slightly higher rate can save you more money in the long run
Consider consolidating unsecured debts into your mortgage.
Check all the costs you will incur as a result of the refinance (including application fees, valuation fees, loan exit fees etc. Make sure that the benefits of refinance will outweigh the costs.
If moving lenders, ask your new lender to show you how long it will take for the savings on the new home loan to outweigh the costs of exiting the old home loan.
Do not make too many credit applications as this can significantly damage your credit history and prevent you from qualifying with any lender – apply only once after identifying the lender that you wish to proceed with.
If you are currently on maternity leave, work cover or in the process of changing employment, wait until things return to normal until applying. These changes may result in your refinance application being declined.

Mortgage Refinance, Home Loan Refinance
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