When life events, interest rates or your personal circumstance change one of the first things that we think of is our mortgage and the repayments.
There are various lenders to choose from, both banks and alternative lenders, and they are all wanting your business, so it does pay to talk to Elaine our financial adviser.
When you refinance your existing mortgage you are getting finance to pay off your current loan and replacing your loan with a new one. There is a cost to refinance, so it is worth looking into the long-term benefits of refinancing and whether the benefit outweighs the cost.
There are reasons why you would do this but, there are times when this may not be in your best interest, for example if you are locked into a fixed term. I would recommend you speak to Elaine at Allsure Financial Solutions Limited to recommend a solution that is right for you.
Some reasons why you may consider refinancing:
Lower Interest Rates
To negotiate more favourable interest rates is one reason why you would review and refinance your mortgage. The change in interest rates affects your mortgage repayments making it easier for you to reduce your repayments or maintain the same mortgage repayments (in instances where the interest rates have reduced) will have your paying your mortgage off sooner.
Reduce Mortgage Term
I have had the pleasure of dealing with Sean and Elaine for more than five years now with a number of different insurance products - and more recently Kiwisaver. They have made the whole insurance application/claims processes so much (!!) easier than dealing direct with insurance companies and I thoroughly recommend Allsure to anyone wanting an experienced, friendly company to handle their insurance needs.