What is Mortgage Refinance?
What is Mortgage Refinancing?
Mortgage Refinancing is when you alter your current loan to arrive at better fixed and floating terms that work best for you. There are no right or wrong refinanced loans. It's a very personal choice and depends purely on what terms work best in your situation.
At times, Mortgage Refinancing may mean that you have to transfer your loan mortgage from one lender/bank to another. So you have the most favourable terms and conditions on your side at the end of the Mortgage Refinancing process
Generally, Mortgage Refinancing is available for any customer with a mortgage. But you could check your bank's / lender's terms and conditions to see if there is an initial time you need to complete before attempting Mortgage Refinancing.
Mortgage Refinancing is a very important process. Doing it right means you are closer to your financial goals and life's dreams. If you would like to seek the help of an experienced financial solutions consultant, then it's time we said Hello!
Here are a few reasons you should go for Mortgage Refinancing
Mortgage Refinancing Costs
While Mortgage Refinancing gives you several advantages, we at Kripa will also check to tell you if the advantages are more than the costs of Mortgage Refinancing. And if that's not the case, you can count on the folks at Kripa to tell you transparently. So what are these costs? We have listed them here. But don't think of this as a full and final list.
Early Repayment:
Because you are repaying your loan in full before the initially planned loan tenure, your bank could charge you a Foreclosure Fee or Break Fee.
Legal Fees:
Loans mean documentation and solicitors. This is another fee you will come across in the process of Mortgage Refinancing.
Administration / Discharge Fee:
Your current bank could charge such a fee for the paperwork required to close your home loan and enable you to make a transfer to another lender/bank.
Valuation Cost:
While most modern banks do an electronic valuation of your property, there are cases when a lender/bank could ask for a physical valuation from a registered valuer.
The Kripa Financial Solutions Difference:
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