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Smart Refinancing - Mortgage Mantra

Smart Refinancing

Refinancing, also known as remortgaging, is an important and normal part of being a property investor or home owner. Refinancing, in a nutshell, is when you switch your mortgage out for a new one in order to acquire better terms or borrow more money. You don’t just change the interest on your current mortgage loan, you repay your current mortgage and take out a completely new one. By getting another chance to take out a different mortgage, you can shop around for different and better terms to suit your needs. Here at Mortgage Mantra, we take the guesswork out of finding a new set of terms for the mortgage you want and help you refinance smartly. Just like the first mortgage you took out, there’s no guarantee that you will be accepted for a second mortgage, so make sure you talk to the experts first before making a decision and applying again.

There is a lot to consider when thinking about going down the refinance route, we help you through the following questions to find out whether refinancing is the right solution for you!

  • How do I find the best rates?
  • How much is refinancing actually going to cost me?
  • Is it worth it?
  • How do I apply for a new mortgage?
  • How do I know if I qualify for a new mortgage?
  • Will refinancing hurt my credit score?

We work with you to answer all of these burning questions, and find solutions to suit your specific requirements. There’s no ‘one-size-fits-all’ solution, by working with experienced brokers, you’ll be getting the best deals.

Many people look to refinance for many different reasons including, but not limited to -

  • Your income level has changed
  • You want to consolidate your debts
  • You need to access a lump sum (due to medical bills, renovations, emergencies etc)
  • Your expenses have changed
  • Your financial situation has changed due to injury, illness or redundancy
  • You have received a large sum of money through inheritance or promotion and can afford to pay a large portion of your mortgage off

What costs do I need to look out for when refinancing?

Refinancing can be a great option for the long term gain you get, but there are potential costs to examine before you make your decision. Your bank may charge a few different fees for you leaving your mortgage early, for instance. Below are some of the costs you should find out about, and have in writing as proof from your banks and lenders, before committing to refinancing.

  • Exit or discharge fees
  • Fees for new mortgage applications
  • Repayment of cash incentives
  • Break fees
  • Solicitor fees
  • New valuation fees
  • Any loss of finance due to the changeover

When contacting your bank and lenders, as mentioned previously, make sure that you get ALL of the quoted fees in writing, be it through letter or email, so that you have solid proof of the costs so that they don’t suddenly change on you without you being able to prove that your previous quote existed. Over the phone won’t do if you want to be responsible with your refinancing costs. A different cost could make or break the decision to refinance, so don’t leave anything out or you may be refinancing with no benefit whatsoever.

For all your refinancing options, support and expertise – contact us at Mortage Mantra – we know mortgages!

First Home Loan

Saving for a 20% deposit in today’s record high house prices can be a struggle. Applying for a First Home Loan which only requires you to save a 5% deposit would certainly make the journey easier.

First Home Loans are only issued by select lenders. If you want to understand the full criteria and whether you are eligible simply fill in our online application form or request a call back

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What kiwis are saying about usOur journey with our clients lasts beyond the life of their home loan. That’s why we ask them to keep us posted on how we are doing along the way.

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We have created the tools to map the constellations so you don’t have to.

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Check out the latest interest rates figures for all the banks in one convenient place with our helpful interest rate tracking tool. Remember we can often get even better interest rates so give us a call when you are ready to take the next step.

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Understanding how much you will have to pay in monthly repayments is easy with our handy Mortgage Calculator tool. We recommend preparing for life with your new mortgage by setting aside rent + the surplace expense of repaying your mortgage.
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