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Facts You Need to Know About Remortgaging

By: Robert Prime

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A major part of the confusion and fear that accompany the mortgage process is caused by a lack of understanding. When sitting in the applicant seat, we tend to make our words plain and simple – the way that normal people talk. Across the desk from you sits a mortgage advisor who makes the remortgage process feel more like a complicated scientific experiment. Deep inside you feel like saying, “Could you repeat that in English?” But before you do, you convince yourself that you’ll understand better as time progresses.

For some homeowners, sorting out the details of a remortgage can be as confusing as getting a new home mortgage. While there is no need to look for a home or save for a down payment, being a smart remortgaging borrower still requires a little due diligence.

1. Remortgage Options

It is important to evaluate the loan details to ensure the program will meet your needs. If your goal is simply to get a lower payment, the remortgage loan that is best for you may be quite different than one designed for a borrower with a goal of releasing the equity or consolidating debt.

These type of loans have many remortgage options to choose from, including fixed, flexible, tracker and more. Start your exploration by assessing where you are now with regards to your interest rate, payment and outstanding balance. Next, get a few quotes from reputable lenders. Afterwards, it will be much easier to select a remortgage loan that matches your income, credit record and property profile perfectly.

2. Knowing What to Expect

Understanding the remortgage process will alleviate some of the worry and stress that tend to go hand-in-hand with home financing. A competent remortgage advisor will take the time to educate you on the loan flow and provide tips on how you can help to expedite the remortgage process. At this stage of the game, you should also be made aware of any remortgage fees and early redemption penalties. High expenses for either of these could easily wipe out your proposed remortgage savings.

3. Understanding the Approval Criteria for You and Your Home

As part of your research, step outside the box for a moment to ask detailed questions about loan approval guidelines. You have a right to know. If the loan you have in mind has guidelines that are too stringent to meet, then select one that will allow you to meet your goals without suffering a nervous breakdown.

If there are five essential steps that have to be met, but you only meet four of them, don’t expect the lender to look the other way on the last one. The same holds true for your property. The square footage, land and features all play a part in the approval process. A high rise condo may come with different guidelines and pricing than a single family home – even for borrowers with nearly identical credit records.

4. Remembering What to Avoid in the Remortgage Process

All too often, mortgage professionals overlook the necessity to discuss the impact of a significant change in your profile before loan completion. It is important to keep your income, assets and credit at current levels or better until your loan is finalized. Otherwise, your anticipated loan approval could turn into a counter-offer with much less attractive terms.

Before you delve into a remortgage application, consider whether this step will be really beneficial to your current financial situation. If not, maybe this is not the right time to switch your mortgage product. If the benefits outweigh the drawbacks, read on for more information about how to find the best remortgage product for your needs.

Once you are aware of the elements that can cause your remortgage progress to go well (or not-so-well), you can be confident in your ability to find the remortgage program that fits your needs.

Article Source: http://www.moneyarticlelibrary.com

Robert Prime is an investment advisor and finance expert. He is currently the CEO of Pinkpg Ltd., a UK based company that offers various financial services. REMORTGAGE Online compares the best deals of remortgage options in the UK market. www.remortgage.com/ www.remortgage.com/articles/four-remortgage-facts.php


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