Do you ever wonder if the grass really is greener on the other side? The question today is: are you getting the best deal on your mortgage?
How would you like to make a few small changes that could lead you on the path to becoming mortgage-free and financially fabulous?
Well, there are six simple steps that you can implement today, that will help you knock over that home loan in record time.
In the past weeks, we learned how choosing the best possible loan product could make a big difference to your back pocket. How changing the frequency of your repayments could lower your interest. Why it makes sense to pay more off your loan whenever possible, how to make the most of handy features like offset accounts, and redraw facilities, and why refusing lollies from strangers is always a good idea.
Step 6: Refinance for a better deal
The fierce and ongoing competition between lenders in the home loan market can sometimes play out like a scene from Gladiator. But the clear victor emerging from this never-ending battle is you – if you keep your finger on the pulse.
Now more than ever, it’s vital that you keep assessing your financial needs and look out for opportunities to get a better deal on your loan. Even though you compared your options and secured the best deal a few years ago, that doesn’t mean that your current interest rate is the best, or even close.
By refinancing with another lender you could reduce your costs, and save time. Many borrowers who refinance are able to save as much as 1% off their interest rate, which could mean paying that loan off several years earlier than planned.
If you haven’t reviewed your options for a while, it pays to speak with your mortgage broker and find out if the grass really could be greener on the other side. It could make all the difference if you want to pay your loan off sooner, and keep more money in your pocket in the process.