Home owners have you noticed the interest rates are falling and you may save good amount of money by shopping around.
Refinance required the following to be considered as part of cost
- Cost of breaking the existing loan
- Cost of loan application
- Savings in interest
- Facilities provided by new lender such as free package cost, extra payment in fixed interest rate, offset with fixed interest rate etc
- Extra money i.e. cash out due to increase in property price and/or equity in property.
- New income considerations such as change of profession , start of company start of casual, part time or second job.
- Mortgage insurance.
- Processing time and use of cash out money