How to get better refinance mortgage rate offers from lenders.
Good refinance mortgage rate deals are perhaps not as difficult to come by as home-owners think. Whilst remortgage lending criteria has tightened, deals are still available. However, many home-owners are missing out on potential savings by listening to reports that say remortgage deals are difficult to achieve.
When estate agency fees, stamp duty, legal bills and mortgage fees are added together the cost of moving house soon becomes very expensive. In today's economically challenging times it is easy to see why many home-owners are opting to re-mortgage instead of moving, especially since lenders are continuing to offer competitive refinance mortgage rate deals.
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Usually when a home-owner decides to remortgage it is because they can get a better deal from a new lender. However some home-owners, who know little about different mortgage products, are failing to undertake in-depth lender mortgage comparison which is proving to be a costly mistake.
Home-owners are recommended to check their mortgage deal every 2 to 3 years as this keeps them up to date on what new competitive refinance mortgage rate deals are available.
Some experts however recommend that rather than looking every few years, a home-owner is better off looking around when a sizeable amount is paid off their mortgage. The less left on the loan the less money will be needed from a new lender. Deal Direct say there are many points that you should look at deals, when your finances change or when you can find a better deal and save money, are 2 that spring to mind.
Before switching deals it is important for all home-owners to check to make sure that no penalty will be incurred by paying off a lender's deal early.
