Refinancing means you are switching your current mortgage to a new one. When was the last time your bank called to tell you another bank has a better deal right now? There is no better time to consider refinancing your home loan with historically low interest rates and competitive deals from lenders available to you. Some economists are reporting fixed rates are rising, so fixing your rates now through a refinance may secure the best and lowest rate of the current cycle. You might want a better deal or you may have equity in your home you’d like to access for renovations, an investment property or even a holiday. How exactly do you go about refinancing your mortgage? Please read on to learn more about your refinance options.
Should I ask my lender about refinancing home loan?
You can certainly ask your lender directly for a better deal and they may improve your interest rate. You can also speak to an experienced mortgage broker who works in your best interest to ensure you have the best home loan options to choose from. Your lender or bank will not tell you if there’s a better deal available, they don’t want to lose you as a customer! We are seeing some banks raising their rates and some keeping them low. The disadvantage of asking your lender directly, or another bank directly, is they will not tell you about other banks’ rates or deals – it is left up to you to do the research to ensure you are getting the best deal.
Why should I use a mortgage broker to refinance?
A mortgage broker is an accredited professional that works for you, the customer, to find the best deal available. A mortgage broker sources the best loan for you from banks and other financial institutions. This applies equally to when you buy a new home and when you want to refinance your existing home loan.
Mortgage brokers work with a variety of lenders and have many customers with a range of financial situations, which means they have access to a lot of information. They also have access to the most up-to-date products and rates available on the market. This is what you need when looking to refinance. We can liaise with your current lender while comparing other options to ensure you don’t miss out on the best deal and the right features for you.
You can go to one mortgage broker and compare multiple loan products for your refinancing needs. You might have different needs now from when you bought your home and so having access to other loan features through your mortgage broker is a good idea, especially for things you might not even know if available.
A mortgage broker can also help you with your refinance without the stress of liaising directly with your current lender. A refinance mortgage broker will negotiate with and liaise with lenders on your behalf and keep you informed every step of the way.
Questions you can ask to ensure you have an experienced refinance mortgage broker working for you:
- Do you offer loans from a range of different lenders?
- How do you get paid for the advice you’re giving me?
- What fees will I have to pay when taking out this loan?
- What features (options) come with this loan? Can you show me how they work?
- What is the threshold for lender’s mortgage insurance (LMI) and how can I avoid it?
- What information do I need to provide for the loan application?
You can rest easy when you use a Coronis Finance mortgage broker – we are governed by Best Interests Duty Legislation, which means we are legally required to work in your best interests. We take pride in finding the best available options for your current financial circumstances and future goals.
Want to Refinancing your home loan now?
If you are considering refinancing your home loan for whatever reason, talk to us to ensure you get the best deal for you. Coronis Finance can help you with all your refinancing needs. Book a time to speak with one of our refinance mortgage brokers or let us know what you’re interested in and we’ll get right back to you.