Guide to Mortgage Refinancing
Struggling to pay your mortgage because of the high interest rates? Are you looking ways how to lower your payment? Are you considering of switching to another banks with lowest mortgage interest rates? Have you tried refinancing? How does it work?
Refinancing your mortgage means re-computation of your payment with new mortgage rate. It is one of the options should you wish to amend your old loan for a new one. Designed in a more manageable term, you can compare mortgage refinance rates with the help of investment or financial agents.
Benefits of Getting Mortgage Refinancing through Investment or Financial Agents
Still turn whether switching to refinancing would be a good choice? Will it really help you save money in the long-term? What if you’ll incur more cost if you do refinancing? These questions will remain unanswered if you we not consult professional help.
Nowadays, there have been a lot of platforms that is emerging online to help you in your refinancing options. They provide both online comparison and expert advice so you could get the best possible deal from your mortgage refinance process.
For reference, here are some of the benefits of getting mortgage refinancing through investment or financial agents.
1. Help you understand simply
If you are not familiar with the financial and investment jargons like mortgage and interest rates, investment agents will be very happy to assist you. They will help you understand the refinancing process in a amore easy-to-understand terms.
2. More choice equals better deals
Investment or financial agents receive and has access to all available rates in the market. They will provide you comprehensive options and make sure you get better deals out of it.
3. Hassle-free Processing
You need not trouble yourself with the paperwork, investment or financial agents will gladly do the legwork for you. From the filing of forms to negotiation with bankers, financial agents will keep you posted of the status of the process.
4. Professional Advice
Dealing with mortgage refinancing is deals more about numbers. To provide clients the best options, agencies made sure that their investment or financial agents are fully-equipped with the right skills and knowledge on loans, mortgage and refinancing.
You may have gotten all the relevant information that you needed about refinancing from your friendly investment or financial agent. But, the decision to pursue refinancing or to stick to the current mortgage package is still in your hands. Before your sign that document, it would also help if you consult the following factors with your family or your financial agent.
1. Interest rate outlook
You might want to check out the current interest rate trend for the past few months. If the interest rates are on the rise, refinancing with the best available rates would be advantageous to you. Otherwise, stick to your current rate and observe when is the opportune time to refinance at a lower rate.
2. Tangible benefits
Ask your investment or financial agents if you can get any tangible benefits like savings or additional property for investment.
3. Lock-in period and charges
Review and clarify your lock-in period and charges. Consider the various charges and penalties. Make sure there are no hidden charges embedded.
4. Subsidies
Consult with your financial agents if you good get subsidies from banks. It will help you cover the cost of refinancing like legal fees, valuation fess and others.
5. Interest reset dates
This is only applicable to those applications pegged to SIBOR/SOR rates (Singapore Interbank Offered Rate/Singapore Swap Offer Rate). Ask your agent for about it.
6. Refinancing regulations
When comparing mortgage interest rates, refinancing may involve switching banks. If so, beware of the changing pricing packing and other refinancing regulations. Make sure you talk this out to your investment or financial agents.
You think you got it all covered? If YES, then, refinance your mortgage rates, today!