{"id":6817,"date":"2017-10-29T23:00:12","date_gmt":"2017-10-29T23:00:12","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/how-to-refinance-your-home-loan\/"},"modified":"2017-10-29T23:00:12","modified_gmt":"2017-10-29T23:00:12","slug":"how-to-refinance-your-home-loan","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/how-to-refinance-your-home-loan\/","title":{"rendered":"How to refinance your home loan"},"content":{"rendered":"

<\/p>\n

\n

Most people with a mortgage<\/a> understand that refinancing can save thousands, but knowing how to do it is another thing.<\/strong><\/p>\n

John Tindall, of Accumulus Home Loans<\/a> in Sydney, says the benefit of refinancing is simple\u00a0\u2013<\/span> \u201cmore money in your pocket\u201d.<\/p>\n

Now more than ever, big and small lenders<\/a> are offering lower interest rates, better features and switching incentives, he says.<\/p>\n

Tindall saved one client $6000 a month and netted 250,000 frequent flyer points, enough for a trip to the US, just by refinancing and getting a better interest rate.<\/p>\n

To get independent advice about home refinance, go DIY or use a mortgage broker, Tindall says.<\/p>\n

\"mortgage<\/p>\n

Mortgage brokers make the process of refinancing less time consuming. Picture: Getty<\/p>\n<\/div>\n

Refinancing a home loan<\/h2>\n

\u201cYou can do it yourself, by internet and branch-by-branch research, which is free, but time consuming. Or use a mortgage broker, who can easily compare dozens of lenders, usually free of charge to the borrower,\u201d he says.<\/p>\n

Brokers get paid by the lender chosen, Tindall explains.<\/p>\n

\u201cJust be aware that they don\u2019t cover all lenders across Australia, such as building societies and credit unions.\u201d<\/p>\n

Review your mortgage<\/h2>\n

Tindall suggests reviewing a mortgage every three years to ensure it\u2019s still appropriate.<\/p>\n

\u201cIf there\u2019s an alternative, I seek a minimum benefit of $1000, possibly from lower interest rates or an incentive from the lender, to compensate for the costs of refinancing,\u201d he says.<\/p>\n

Working out if a new deal is better in the long run can be tricky.<\/p>\n

\u201cI would start by looking at the annual cost of the loan, which would include the interest payable, plus fees. I would then keep an eye out for similar offers<\/a> from other lenders and use these to ask the current lender if my loan was still competitive,\u201d Tindall says.<\/p>\n

Snap up a better deal<\/h2>\n

If you see a better deal advertised, act, he advises.<\/p>\n

\u201cSee if your bank can match it, particularly if the benefits of switching are less than $1000. When appropriate, I give my clients a free report comparing three different lenders side by side, including their own, as ammunition in challenging their current lender to do better,\u201d he says.<\/p>\n

Don\u2019t just look at the interest rate though, Tindall says.<\/p>\n

\u201cA loan is not just interest rates, but a bundle of services of products that will appeal differently to different people.<\/p>\n

\u201cDo you want a local branch? Are you happy with just ATMs and internet? Do you want an offset account, which can only be offered by lenders with a banking licence?\u201d<\/p>\n

Consider all factors before switching, he says.<\/p>\n

\n <\/p><\/div>\n

Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Most people with a mortgage understand that refinancing can save thousands, but knowing how to do … How to refinance your home loan<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6818,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[480,12908,543,347,5068,5069,5070,5071,5072,5073,5074,5075,1329,408,818,5076,15282],"class_list":["post-6817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-broker","tag-home","tag-home-buying-guide","tag-home-loan","tag-how-to-refinance-my-home-equity-loan","tag-how-to-refinance-my-mortgage-online","tag-how-to-refinance-your-home-equity-loan","tag-how-to-refinance-your-home-loan","tag-how-to-refinance-your-mortgage-canada","tag-how-to-refinance-your-mortgage-with-bad-credit","tag-how-to-refinance-your-mortgage-without-closing-costs","tag-how-to-refinance-your-second-mortgage","tag-loan","tag-mortgage","tag-real","tag-refinancing-your-home-loan-westpac","tag-ross"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/mortgage-broker-financial-advice_2000x1500.jpg?fit=2000%2C1500&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":38747,"url":"https:\/\/amazingproperty.com.ng\/blog\/refinance-for-a-second-home\/","url_meta":{"origin":6817,"position":0},"title":"Refinance for a Second Home","author":"Amazing Property","date":"June 29, 2022","format":false,"excerpt":"Cash-out Refinance for a Second Home. 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Specifically, one option is to use a cash-out refinance for a second home, but there are some things to\u2026","rel":"","context":"In "Insurance"","block_context":{"text":"Insurance","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/insurance\/"},"img":{"alt_text":"Refinance for a Second Home","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/06\/Refinance-for-a-Second-Home.jpg?fit=1024%2C684&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/06\/Refinance-for-a-Second-Home.jpg?fit=1024%2C684&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/06\/Refinance-for-a-Second-Home.jpg?fit=1024%2C684&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/06\/Refinance-for-a-Second-Home.jpg?fit=1024%2C684&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":783,"url":"https:\/\/amazingproperty.com.ng\/blog\/refinancing-pullback-stalls-loan-demand\/","url_meta":{"origin":6817,"position":1},"title":"Refinancing Pullback Stalls Loan Demand","author":"Amazing Property","date":"February 15, 2017","format":false,"excerpt":"[ad_1] Refinancing volume dipped to its lowest level since June 2009\u00a0and prompted overall mortgage application volume to drop 3.8 percent on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. 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