Should I Refinance My Home Loan is the question?
Before you put yourself through the pain of a home loan refinance, ask yourself these particular questions.
Am I currently feeling any mortgage stress. i.e. is your mortgage payment more than 33% of your after tax income?
Are my other debts, credit card, car loan, store accounts killing my social life and making it hard for me to meet my mortgage repayment?
Is my loan rate over 2% higher than those being currently offered and sold by lenders?
If you can honestly answer at least two of these questions in the affirmative, then it may well be worth calling a mortgage broker.
However, please read an old post of mine that points out some pitfalls of refinancing your home loan.
So Should I Refinance My Home Loan
Our home loan is one of the few financial products that we can have a say in. While there is good competition between the traditional big banks and credit unions we continue to have the chance of a better deal and the possibility to save thousands with either a better rate or lower fees. On the other hand, it can be a painful experience dealing with the inevitable bureaucratic stone walling of the various home loan providers credit department and can in some cases lead to problems.