 thereishope
Joined: 30 Sep 2009
Posts: 5
1.86 Dollars($)
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 Posted: Wed Sep 30, 2009 5:17 pm Post subject: |
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If you want to refinance your mortgage onto a lower rate, you will need to find a lender offering a better rate and then satisfy that lender that you are in a position to honour the debt. a refinance is really using a new loan to pay off an old one in essence.
For someone to give you a new loan (either your current lender, or a different one) they will need to be satisfied that you have sufficient equity in the property and can meet the repayments of you new loan.
different lenders may charge different set up fee's, and your existing lender may charge you "break fees" id you are currently on a fixed rate and want to break it. sometimes these costs can be mitigated by a broker.
Basically if you wwant to refinance to save money, you need to find a lender (either your current or a new one) who will agree to the refinance and who offers a better set of rates/terms than you have at the moment. Once you have that you really just need to weigh up the fees involved and decide if it's the right move for you.
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