July 24, 2019 by Adam Courtney
Don’t spend countless hours trying to do this yourself, spend a few minutes here to see how simply it can be done.
The easy way is to speak to a professional. Spend 10 minutes with them on the phone and send them off to do all of the legwork for you.
The hard way is to do all the research yourself, contact a lender to negotiate the rate, collect all of your documents, meet with the lender and then not meet lender policy. Then start again as you trawl through lenders until you find the one thats just right.
Save some time.
At Mortgage Choice in Coolangatta we contact our clients annually to conduct Home Loan Health Checks… you will never have to wonder if you have a competitive rate again… we will be letting you know.
Our process:
It’s a 10-minute phone call to start the process!
What you need to do prior is simply have the following information ready, all of which should be on your last Home Loan Statement or Online Portal:
- Your bank/lenders name;
- What Home Loan product you have;
- What is the current interest rate;
- What is the current balance of the loan;
- How long does your mortgage still have to run?
We will ask you to answer a few additional basic questions before feeding the information into our Home Loan Health Check calculator.
This analysis will provide an output of whether you are indeed a candidate to be able to refinance.
It will let us know that based on your current Loan and Loan to Value Ratio (LVR) what products are available and at what interest rate.
Additionally:
- It provides what monthly savings you can achieve;
- It provides you with anticipated Fees associated to exiting your current facility and the cost of entering into a new loan;
- In combination, we can tell you how long it will take to pay off the fees associated to the refinance and how much you will save per month ongoing post this.
The analysis shows you the NET BENEFIT of refinancing in plain English and you can make a decision to move forward or not.
Should you be looking for more than simply a lender / product swap from your refinance such as Equity Release or Debt Consolidation the initial process may take another 5-10 minutes to get a baseline of your options.
Should you look to move forward with an application, we will complete the following for you:
- Servicing Assessment: We will need to verify income, expenses and commitments to confirm that you can service the loan.
- Qualification: We will book in a meeting for after the provision of the required documents where we will complete the compliance component, then lender and product selection.
- Valuation: We will book a formal valuation for you for the secured property that will be required for any lender.
- Application: Once the formal valuation is returned, we can finalise and move forward to the application process.
To book in an assessment, simply follow this link http://bit.ly/MC_CoolangattaBookTime to book directly into our calendar for a confidential phone call or meeting.
If you would like to download some further documentation in the form of the Mortgage Choice Refinancing Guide just CLICK HERE!
