30 years is a long time. Situations change. Perhaps you’ve changed employment? Or there’s a new addition to the family? Or simply want to reduce your rate? Or wanting to give that tired kitchen an overhaul? All of these can mean that you are due for a home finance health check with a RateOne broker.
The banks make an assessment on your mortgage based on your circumstances today. The bank cannot and is not expected to adjust your loan the changes to your lifestyle over these 30 years. Therefore, when your circumstances change, it would make sense to also revisiting your mortgage to see if it is still the most suitable option for you.
For many, the idea of refinancing a mortgage can be discouraging. Fees, rates, interest rate types, repayment types must be taken into consideration. The right refinance, coupled with repayment strategy can help you reduce your mortgage faster potentially saving you interest charges along the way.
When refinancing, your RateOne broker will identify opportunities to consolidate debt as well, potentially reducing your overall number of repayments per month to a single mortgage repayment.