September 25, 2017
Never settle for average. Your goal should be to pay the least amount of interest possible. And this involves making sure you have the most competitive interest rates on your debt at all times. I can help you choose the right option for your situation by running a health check on your current loan versus what you could potentially get.
As your finance broker
I can ensure that by refinancing, it will help you achieve your goals while maintaining your capacity to service the debt. I can also ensure you are only paying the relevant fees for your unique circumstance.
Exit costs when refinancing
Refinancing can be a great way to save money if you believe you are paying too much for your loan, but there is more to it than just finding a loan with a lower interest rate and making the change. Before making the switch, I will ensure the savings you could make outweigh the fees involved. Here are the different exit costs to consider:
Mortgage discharge fee
Covering your early legal release from all mortgage obligations, this fee is not to be confused with an exit fee. Also known as a ‘settlement’ or ‘termination’ fee, its purpose is to compensate your lender for the revenue it may lose due to the contract break.
If you were on a fixed rate loan, your lender is likely to charge you a fee for ‘breaking’ out of the loan term. This fee varies depending on the amount owed, the interest rate you were locked into, the current interest rate and the duration of your loan.