With interest rates falling to forty-year lows and expected to decline even further, no matter how satisfied you are with your current mortgage, you are undoubtedly be feeling a pang of 'mortgage envy'. Who could look at those 5% interest rates on offer and not feel like jumping into the refinancing bandwagon especially if you've taken your loan at 9%?
But is now really the best time to refinance? It depends who you ask and where you're at.
In our cover story in this special edition of Your Mortgage, we look at what signs you should watch out for to ensure you're maximising the benefits of low interest rates by refinancing. We also reveal the crucial steps you need to take before you take the plunge. This includes running through the cost of getting out of your existing loan and re-establishing a new one over and over again.
While transparency has improved considerably, many lenders are still cagey when it comes to revealing the real cost of breaking a loan. We exposed how these costs are calculated and explain why they vary from lender to lender. This is a must-read for any one looking to switch in the current market.
To ensure you'll come out ahead financially when switching, plan to get the best possible deal by honing your negotiation skills. We guide you through the intricate art of persuasion to help you save thousands on interest, fees and property.
Of course, picking the right mortgage is only the first step. What you do afterwards is even more important. We show you how you can shred your mortgage faster and easier with our top tips.
With the economy predicted to slow even further, redundancies are becoming more commonplace. Taking out an extra insurance coverage to protect your home and income is certainly worth considering. We take a look at some of the insurance types worth taking also in this issue of Your Mortgage.
Finally, what would you do when your lender fails to pass on the rate cuts?
Your Mortgage readers Tim and Jayne O'Grady found themselves in a situation where their lender still charges them an exorbitant rate despite the deep rate cuts by the Reserve Bank of Australia. So we asked borrower's agent Michael Lee to work with Tim and Jayne to find out what went wrong and whether anything can be done to set them back on the right path. The solutions found may surprise you!
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