10 Questions to Ask Before You Remortgage
If you are thinking about remortgaging your house, you are probably wondering whether or not it's the right move for you. A lot of times, remortgaging is not necessary, and other times it's totally necessary if you want to save your house and not go broke in these tough financial times. After answering these ten questions, you are going to know whether or not remortgaging is right for you.
1. What's my credit score? By knowing your credit score, you are going to be able to estimate what type of interest rate you are going to be able to get on your remortgage. If your credit is not the best it could be, you may want to work on repairing it before you remortgage.
2. What is your current rate of interest on your mortgage? If you're only going to save a half a percent or even a percent, you might want to consider holding off on remortgaging. You want to make it worth your while, and you also want to make sure you get the best deal possible. By holding off a bit you can see if mortgage rates go down even further.
3. What's the current rate of interest that banks are offering? There's a current rate of interest that's pretty much standard with all remortgage companies, so you are going to want to find out what that is and figure out how much money a remortgage could save you every month in your bills.
4. How much is it going to cost you? Every bank or mortgage company is going to have a different set of fees to remortgage, and you are going to want to go with a company whose fees aren't going to be too much. These fees are sometimes hidden in the mortgage papers, so be sure to read them thoroughly before signing.
5. How many years are left on your current mortgage? If there are only a handful of years left on your current mortgage, you might just want to pay it off as soon as possible. Ask yourself what is better: paying off your home quickly or paying it off with a lower interest rate. By remortgaging, you won't be able to pay your house off quicker, just with less interest.
6. Do you plan on moving anytime in the future? If you plan on moving in the next one or two years, it probably won't be worth the time and effort to remortgage. Just ride it out and get a better mortgage when you get a new house.
7. Do you love your wife? If the answer is "no" and divorce is in the cards, you might want to wait to remortgage. Remortgaging is difficult to do and is going to be expensive too, so you don't want to do it more often than necessary. Remortgaging should be done only if you have to.
8. Have you been thinking about remortgaging for very long? A lot of people see commercials on television and think, "Oh remortgaging is for me," not realizing how much work it actually is.
9. Is your schedule clear? Remortgaging is a headache and is going to eat away at your free time. If your schedule isn't clear, choose a different time to remortgage.
10. Have you talked to any banks? There isn't any harm in going and talking to some banks to see whether or not they think that you are a good candidate for remortgaging. If you decide that it isn't for you, there is no obligation to go on in the process.
Remortgaging your house is not a simple thing, and knowing when you should and shouldn't do it is going to be tricky. These ten questions can help you decide whether or not you need to remortgage.
1. What's my credit score? By knowing your credit score, you are going to be able to estimate what type of interest rate you are going to be able to get on your remortgage. If your credit is not the best it could be, you may want to work on repairing it before you remortgage.
2. What is your current rate of interest on your mortgage? If you're only going to save a half a percent or even a percent, you might want to consider holding off on remortgaging. You want to make it worth your while, and you also want to make sure you get the best deal possible. By holding off a bit you can see if mortgage rates go down even further.
3. What's the current rate of interest that banks are offering? There's a current rate of interest that's pretty much standard with all remortgage companies, so you are going to want to find out what that is and figure out how much money a remortgage could save you every month in your bills.
4. How much is it going to cost you? Every bank or mortgage company is going to have a different set of fees to remortgage, and you are going to want to go with a company whose fees aren't going to be too much. These fees are sometimes hidden in the mortgage papers, so be sure to read them thoroughly before signing.
5. How many years are left on your current mortgage? If there are only a handful of years left on your current mortgage, you might just want to pay it off as soon as possible. Ask yourself what is better: paying off your home quickly or paying it off with a lower interest rate. By remortgaging, you won't be able to pay your house off quicker, just with less interest.
6. Do you plan on moving anytime in the future? If you plan on moving in the next one or two years, it probably won't be worth the time and effort to remortgage. Just ride it out and get a better mortgage when you get a new house.
7. Do you love your wife? If the answer is "no" and divorce is in the cards, you might want to wait to remortgage. Remortgaging is difficult to do and is going to be expensive too, so you don't want to do it more often than necessary. Remortgaging should be done only if you have to.
8. Have you been thinking about remortgaging for very long? A lot of people see commercials on television and think, "Oh remortgaging is for me," not realizing how much work it actually is.
9. Is your schedule clear? Remortgaging is a headache and is going to eat away at your free time. If your schedule isn't clear, choose a different time to remortgage.
10. Have you talked to any banks? There isn't any harm in going and talking to some banks to see whether or not they think that you are a good candidate for remortgaging. If you decide that it isn't for you, there is no obligation to go on in the process.
Remortgaging your house is not a simple thing, and knowing when you should and shouldn't do it is going to be tricky. These ten questions can help you decide whether or not you need to remortgage.
posted by Credit Counseling at
3:07 AM
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