Borrowers! Get Away With Three Refinancing Mistakes
When you have decided to consider for a refinance, you are generally struck with a question of how much you can borrow or how quickly the whole process get organized? It means you may forget some of the factors that have the potential to create bigger hustle in the new mortgage process.
However, if you avoid these, you can greatly exceed your chances of successfully refinancing your debt. Thus, we have listed the top three mistakes that a borrower must avoid while refinancing –
- 1st Mistake – Ignoring the Loan Value Ratio
When LVR is greater than 80 percent for refinancing, lender mortgage insurance can incur even if you paid this on your first loan. In order to protect that equity, you must make sure to refinance at right time.
- 2nd Mistake – Not considering wide range of quotes
Most of us get convinced with first offer that we came across and avoid or ignore to wait for the best options that are still in a row. However, in order to grab the best deal on your home loan, it is imperative to look for all available options. The easy way to get the services from mortgage broker, you can cut a lot of work on this end. A broker will help you in searching an appropriate option from number of lenders and bring you the lending offers that suit your requirements.
- 3rd Mistake – Forget to ask about fees and other charges
It is crucial to ask about the overall fees involved in whole process including all major charges that may incur at different stages. There is no exit fee apply on loans established after 2011, however, discharge and establishment fee along with stamp duty still implement if you buy a new property.