How to get better terms and conditions on your mortgagePUBLISHED : | UPDATED:
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Grass is greener ... it’s entirely likely that if you compare your mortgage with everything else that’s available, you’ll find something that looks better. Photo: Michele Mossop
- Look for the true comparative rate – just because a loan has a lower headline rate than the one you had doesn’t automatically mean repayments will be lower
- Another consideration is the terms of your existing loan: is there an early resettlement charge, penalty clause or discharge fee?
- Remember that applying for a mortgage is somewhat painful, there’s always a need for documentation you don’t have to hand.
- It’s always worth telling your existing lender that you’re thinking of refinancing, because you’d be surprised what response you might get.
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You can follow ©afr.com Smart Investor on ©afr.com Twitter: ©afr.com you Perhaps https://twitter.com/#!/smartinvestr (or @smartinvestr) that and ©afr.com on what Facebook ©afr.com refinancing, y at ©afr.com facebook.com/afrsmartinvestorand
Chris Wright Smart Investor