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Five Reasons To Consider A Remortgage
By Nicholas Hunt
Gone are the days when we took out a and stuck with it for life, until the debt had been completely repaid. The remortgage market is big business these days, and taking a look at the options available could considerably improve your finances. What are some of the reasons for considering switching your mortgage?
1) Get a better deal: Are you sure that your current is the best one you can get? The market is very competitive and providers are desperate to attract new business, usually by offering special deals to people who switch their over to them. As well as aiming for a lower interest rate and lower monthly repayments, remortgaging could net you other benefits such as cash back, free home insurance, or other valuable extras depending on the deal.
2) Lock in a low rate: Interest rates are at historic lows, even taking into account the recent rise. Many experts are predicting that rates will begin to rise again over the next few months and years, leading to more expensive mortgages. By replacing your variable rate with one that has a rate fixed for a few years, you can protect yourself against future rises in the interest rate.
3) Release equity: As house prices have gone through the roof over the last decade or so, many people find that they are sitting on a large amount of equity in their home - the difference between how much their house is worth and what the outstanding balance is. Taking out a remortgage that will pay off your current and also give you some extra funds is an effective way of unlocking some of this stored wealth, providing you with the funds you need for home improvements, a holiday or wedding, or any other large expense. It is often cheaper to raise the money with a remortgage than by, for example,
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Who owns the home
My friends son passed away several years ago, his mother lived with him prior to his death and has paid the mortgage, property taxes, insurance, etc... on the property for almost 10 years. She is wanting to get the property in her name and Bank of America will not talk to her. Her son has a child who is almost 10 yrs old who lives with his biological mother. My friend says that she will do a will and live the property to her grand son, however can the 10 yr old son's mother take the home afte...
Inquiries to dissappear completely?
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Letter of explanation
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File with underwriter
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Divorce
My husband and I own commercial real estate. We are contemplating divorce and have been legally seperated for 2 years now. The joint property we own, he operates a shoe repair and uphostery shop and he resides there. He has full use of the property and he wants me to share in with the mortgage, insurance, and taxes. He receives all profits and does not share any with me, but he wants me to share in the cost of his expense. He gives me $300 a month for our 6 yrs old daughter and not on a regular ...
Banks selling mortgages - Escow mess ups & raised Mort Incre
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Since the sale of our mortgage, 2nd time banks have sold our mortgage to another bank, our escrow gets screwed up, monthly payment goes up.
Currently the andquot;NEWandquot; bank now holding our loan, is harassing us by saying that the e...
Feedback on GFE
Just got a GFE from a broker on a loan amount of 350k and wanted to get some feedback.
Rate = 3.875
801 = 7k
802 = 11k
Is this standard? With the 801 fee the APR is slightly north of 4.
Previous year tax returns
How greatly do previous years taxes filed effect your ability to obtain a mortgage? Do you have to have the same level of income for the past two years to get a mortgage loan?
Close cards before pre-approval
Hi? I?m trying to get pre-approved for my first mortgage loan within a few months. My present score is 786. I paid off a vehicle loan with time payments. I have 6 credit cards 3 are department store cards with a combined limit of around 8k with no balance the other 4 are regular visa cc's with a limit of 9k combined no balance or late payments. I want to close 3 of the visa cards bringing my limit back to 5k. The one I am keeping I just opened about 2 weeks ago. My question is if I close the...
taking out a personal loan.
4) Debt consolidation: It's well known that the public as a whole are in debt to a level never seen before, with easy access to relatively cheap credit providing the temptation to 'live now and pay later'. Nonetheless, the money has to be repaid at some time, and credit cards and the like aren't an ideal way of obtaining long term credit. Taking out a remortgage large enough to cover both your and your other debts will simplify your finances, leaving you with a single monthly repayment to make, which will usually be for a smaller amount than your total repayments at the moment.
5) Change your type: People's circumstances change over time, and what might have been an ideal a few years ago when you took it out might not be the most suitable for your current needs. Maybe you want to switch from an interest-only to a capital repayment one, or you might want to take advantage of some of the more recent features of mortgages such as flexible payments or offsetting - a remortgage can give you the chance to get a deal more in tune with your current circumstances.
Bearing all the above in mind, a remortgage might seem like an ideal way forward for restructuring your finances. It's important to remember though that the decision to remortgage is not to be taken lightly, as you could potentially be putting your home at risk if you get it wrong, and so it's essential to seek the advice of a properly qualified advisor if you are in any doubt.
About the Author
Nicholas Hunt is a contributor to 1Stop Finance UK, your source for remortgages, mortgages and homeowner loans.
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