Although rising interest rates have been accepted as a fact of life in the current Australian economy, home owners can still take action to reduce monthly payments. A home owner with a 30-year home loan who switches from a product with a 7.8% interest rate to another product with the same facilities but with a lower 7.0% rate will save nearly $164 per month. This equates to a staggering almost $59,000 saving over the term of the loan.
Mortgage Servces Available to Home Owners
Most home owners fail to take action not because they do not want to save the money but because they either do not have the time or the inclination to do the research. A simple solution to this is to consult a professional mortgage broker to do the sums.
With the advancement in technology, mortgage brokers are able to access a large panel of lenders and hundreds of loan products and make an assessment in a very short period of time.
In addition, in most instances, the services of a mortgage broker is free of charge to the borrower. So it make sense to get free professional help to see if the borrower can save money on the home mortgage.
Factors to Take into Account When Considering a Home Mortgage Refinance
Although the major factor in looking at the mortgage repayment is the interest rate, it is not the only factor to take into consideration when changing loan products.
After all the research has been done, it may well work out that the best home loan is the product the borrower currently has. However, it would be worth spending a few minutes to know for sure.
Seeking the assistance of a professional mortgage broker to work out a possible mortgage solution and get advise on financial risk management could be well worth the time invested in getting the information.
September 13, 2017
August 29, 2017
August 22, 2017
June 14, 2017
June 6, 2017
September 30, 2015
August 3, 2013
January 23, 2013