Mortgage is a loan that is provided by a bank or a financial institution to help individuals in purchasing a house or property. This duration of a mortgage typically revolves around 5 to 25 years and comprise of four elements: principal, interest, insurance, and taxes.
People tend to stick with their existing mortgage providers for years without realising that they might be trapped missing on better mortgage offer, which may cause them to pay hundreds of extra dollars each year. Therefore, it is always recommended that you should re-evaluate your mortgage after every 2 to 4 years to ensure that you are not missing out on better offers. In fact, mortgage refinancing can help you to potentially save thousands of dollars in some cases.
That being said, it is imperative that you must compare these savings against the costs involved in refinancing your mortgage. There are certain fees and costs that are applicable when you are looking to refinancing your home mortgage in Melbourne. Some of them include:
- Discharge Fee
- Fixed loan break costs
- Application fee Settlement fee
- Valuation fee
- Mortgage registration fee
- Title search fee
Challenges Faced In Mortgage Refinance
Mortgage refinancing can be a tedious and overwhelming process due to paperwork, legal issues and technicalities pertaining to rearrangement of your terms. You may be subjected to different fees and require to fulfil certain conditions during the process. Moreover, you have to carefully examine the new terms and assess whether they will help you to save money, which can be quite tricky. For instance, being able to negotiate better interest rate would not necessarily help you to save money as there may be certain other costs associated with a new mortgage that you may have not taken into consideration. However, effective evaluation and assessment can help you save a large sum of money. Therefore, if you are looking to refinance your mortgage, it can be highly advantageous for you to acquire the services ofa professional home loan broker.
How Can We Help?
If you live in Melbourne, then you are in luck! We, at Opulent Finance, offer high-quality services to our clients pertaining to mortgage refinance. Using our expertise and understanding pertaining to different monetary and non-monetary aspects that are applicable to your case, we willcarefully examine your case to ensure that refinancing your mortgage will help you make actual monetary savings in the years to come.
We also evaluate how taxes and insurance costs play into the equation when you are refinancing your loan to ensure that your financial interests remain protected. We believe that high-quality service, flexibility, and the loan structure is as important as a low-interest rate. Therefore, we ensure that we take every aspect into consideration while assessing your case.
If you want to learn more about refinancing your home loan or schedule a free consultation, feel free to contact us on:
Phone: +61 (3) 8838 8726
Mobile: +61 (0) 423 272 600Back