Is it time for you to refinance?
Thinking about refinancing can leave many people confused. As you try to work out what an exit fee actually is, how much it will cost you to set up a new loan and where to start looking, you can end up having second thoughts. 
This is normal and our mortgage brokers aim to take all of this worry away and guide you through the steps. With us, you can be sure the move to refinance will be a good one. If we honestly do not believe that refinancing is a good strategy for you right now, we will say so. We look at your personal situation, financial circumstances and lifestyle to determine if you should refinance your mortgage.If you want to be sure that you are making the right move, look at our pointers.
What is wrong with your current loan?
Are you refinancing to get a better rate? More flexibility? Look at the reasons why your current loan is not working for you as well as you would like. Then see if another loan could service your needs better. Talk through your options with an experienced mortgage broker.Do you have high exit costs?
If the break costs are high, any savings made from the new loan could be swallowed up. It may not be a good idea to refinance if it is going to take you three years to break even. What if your break costs are $3,000 and you only save $100 per month. It will take 30 months to recoup the costs and start saving on your loan. If on the other hand your break costs are only $1,000 then it will only take you 10 months to be in a better position.
Have you already paid off most of the loan?
If you have a 30-year mortgage and have already been paying off the loan for 20 years, it may not be the best idea to refinance. This is because a new loan will have a set term and interest payments that could add more years to the life of your loan.
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