often come into the Cronulla branch of Yellow Brick Road to revaluate and
improve their financial situation. We’re always looking for way to save our
local residents money,
but one place where people forget to look also happens to be
their biggest household expense: their mortgage. And I believe the reason why
people don’t look closer at their home loan is because the idea of refinancing
seems too difficult, too confusing, or is perceived as probably not worth it for
the effort. If you’re one of those people, it’s time to ask yourself some
mortgage interest rate? In my experience,
many people know what their monthly payments are, but they don’t actually know
their interest rate. Do you? Take a look – if it starts with a “4”, you can
probably do better and I’d advise shopping around.
What does the
market say? The current market for variable rate
mortgages runs from high three percent to over six percent. Three-year fixed
rate mortgages range from the low fours to well over six per cent. There’s
a lot of difference, and with thousands of different mortgages out there,
finding the lowest rate is a challenge. As your local mortgage broker, we can simplify
the process by finding the best rate for you.
What could I
save? Use the comparison sites to calculate several results. If
you have a $350,000, 30-year loan with an interest rate of 5.24 per cent, and
you refinanced to a rate of 4.74, you would save $107 a month and $38,480 over
the life of the loan. As a
mortgage broker, we can easily calculate the savings for your situation.
What must I have?
Have a good repayment record with your current lender and ensure you are not
currently in arrears. Also, know that if you’re half-way through a fixed-rate
loan you may be charged a break fee to leave, but
don’t worry we will factor this into the decision for you.
What are my other
costs? A new lender will likely charge upfront fees, and
there may be some costs to exit your mortgage. As a mortgage
broker, we don’t charge for the services we provide as we are paid by the
lenders for setting up a new home loan.
Who do I see? Go
to a mortgage broker directly as they have access to a whole panel of lenders
and can compare hundreds of loans in the one place.
Mortgage brokers are refinancing experts
who know how to streamline the process as we have a wealth of experience in the mortgage industry.
How long will it
take? The first step is to have a meeting
with me at the local Yellow Brick Road Cronulla branch. From there I can give
you a full timeline of the whole process.
Is it worth it?
Often, the answer is yes. I am here to crunch the numbers
for you and show you all of your options.