How can my Mortgage Advisor help me refinance?
Thinking of refinancing – like the look of the rates offered at the bank across the road, or are you in need of better service or a lender who offers the products that will help you meet your financial goals? A Mortgage Advisor is here to help you get those better rates provide that better service and help you achieve your financial goals with a refinance.
What does a Mortgage Advisor do to help me?
In short everything! Your Mortgage Advisor will be able to take a look at your current finances and recommend a bank that might work best for what you want from your new bank. They will help you collect all the relevant paperwork that you need and also talk to both your current bank and new bank on your behalf – helping you avoid the awkward breakup conversation with your current bank.
Can I choose the bank I want to move to?
Of course! You are free to choose whichever bank you would like to, the benefit of having a Mortgage Advisor on your side is that they can talk to you about what you want out of a new bank and point you in the right direction. In the end, however, you are free to choose whichever bank you like, regardless of your advisor’s advice. Provided you meet their lending criteria!
What paperwork will I have to complete?
Essentially, the process looks the same as when you brought a house. You will be required to provide all the necessary documents to your Mortgage Advisor. You will also have to engage your lawyer to discharge your mortgage from your current bank and reregister it to your new bank. But you are not going out there looking for a house, like you would be if you were pre-approved, so the turnaround time is generally shorter.
Will it cost me money to refinance?
There will be the usual fees that you incur when you buy a home, for example, there will be legal fees and potentially break costs associated with breaking a fixed loan at your current bank. However, there is a high chance that your new bank will give you a cash contribution to help you pay these fees. This is also where a Mortgage Advisor can be worth their weight in gold as the amount of cash contributed can be negotiable and your Mortgage Advisor can undertake this conversation on your behalf.
What are the benefits of refinancing?
The benefits are what you make of them! Did you want lower rates, moving banks got you those lower rates, that’s a benefit. Did you want better customer service, your new bank provides great customer service, that’s a benefit. Perhaps you wanted a credit card with different a different rewards scheme, and you got one at your new bank, that’s a benefit. The benefits of refinancing are all up to you and what you make of it.
While we’re home loan experts, our blog posts are for general information purposes only and are not intended as financial advice. If at any stage you need personalised advice, get in touch on 06 8788 4444 or Ben or Mark.
