Here is a useful guide to remortgages. What is a remortgage? A remortgage is when the terms of the original mortgage are renegotiated, and usually means that the borrower increases the amount that they are borrowing, which is often possible due to a rise in the value of the property.
A remortgage is simply the act of paying off your current mortgage and taking out a new one. Many people do not realise that they are able to do this and so are losing out on low interest rates. By remortgaging your home, you could save significant amounts on your monthly payments.
Remortgaging is changing mortgages without moving home. It is the process of changing your mortgage for a better rate, or to release some of the equity in your home, or to consolidate your debts. Getting a remortgage involves ending your current mortgage scheme and moving to a new one.
A remortgage is the process by which you change from your current mortgage to a new mortgage. A remortgage generally involves changing mortgage lenders because most lenders do not generally offer remortgage schemes to existing customers.
The remortgage usually will involve a fresh survey of the property taking place, and an updated valuation of the property, which will take into account any changes in value due to home improvements, or due to fluctuations in the local or national property market.
A remortgage can be used for the purpose of gaining lower interest rates on your mortgage or raising finance through releasing equity.
A remortgage is a great way of saving money, as it is likely to lower your mortgage interest rates. A mortgage is also one of the cheapest forms of loans around, so if you're looking to raise finance, it makes sense to remortgage your home.
Releasing equity is a good way of raising additional finance. If your home has positive equity - its market value is greater than the outstanding mortgage - you can increase the size of your mortgage.
A remortgage may allow the homeowner to repay other debts such as credit cards, personal loans or it may be a way of paying for home improvements such as a new extention, conservatory or loft conversion.
When choosing a new lender for your remortgage, make sure to find out whether the lender offers free valuation, set up fees or that they pay for the legal fees.
A remortgage should be considered for a variety of reasons:
low interest rates - a remortgage can allow you to gain a better rate of interest and reduce your monthly mortgage repayments.
debt consolidation - a remortgage can allow home owners to consolidate their existing debt into one manageable monthly payment.
raise finance - a remortgage allows home owners to raise finance. As its interest rates are among the lowest of all loan types, a remortgage is an ideal solution to finance issues.
You may freely reprint this article provided the author's biography remains intact:
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.
Help is available to borrowers who have claims against their... Read More
Finding a cheap home improvement loan can be a challenge... Read More
For the last two years, interest rates have been much... Read More
Unlike other investors, my venture into real estate was a... Read More
The best home improvement loans usually aren't going to be... Read More
Online home mortgage quotes are very similar to the quotes... Read More
If you are transferring to the Kings Bay Georgia Naval... Read More
It is a curious fact of human nature that people... Read More
The bills are out of control and you need a... Read More
Home ownership has risen sharply in recent years, and the... Read More
There are numerous reasons a person has bad credit. Late... Read More
You've found the home that is right for you, and... Read More
Buying a house is a very important step in your... Read More
Slight increases in the interest rates raise your hackles. Tension... Read More
Online mortgage companies make refinancing convenient and competitive. By researching... Read More
Homeowners facing foreclosure should be aware of unscrupulous lenders and... Read More
A home owners' insurance is the cover for the house... Read More
Most borrowers have heard of FHA home loans. They are... Read More
If you have a poor or bad credit history with... Read More
Sub prime lenders come in two groups: reasonable and unreasonable.... Read More
So, you've found the perfect home. You've already decided where... Read More
If you are in the market for a home equity... Read More
I have a lot of friends and family who are... Read More
Whether you are a first time home buyer or a... Read More
A problem that often arises when people try to refinance... Read More
Mortgages are easy as long as you understand them well.... Read More
A home equity loan allows you to borrow against the... Read More
In previous decades, when a borrower missed a payment on... Read More
The most common type of home equity loan is the... Read More
When you consider that the average home owner will pay... Read More
If you as an investor understand the process, you will... Read More
So, you've decided to buy a house, and you're ready... Read More
What's the most efficient way to secure a US Commercial... Read More
When choosing the right mortgage company for your home purchase... Read More
Private mortgage insurance is an excellent method for homebuyers who... Read More
The search for quick homeowner loans can seem futile at... Read More
Lots of articles have appeared recently about the booming real... Read More
Mortgage rates are rising and it's becoming more difficult for... Read More
A tracker mortgage 'tracks' the Bank of England base rate,... Read More
Your home is a source of pride and accomplishment. Did... Read More
While only comprising about 1% of all mortgages, the reverse... Read More
If you have a poor or bad credit history with... Read More
If you're thinking about applying for a new mortgage or... Read More
How many times do you check you restaurant bill? If... Read More
When you refinance your home mortgage, lenders often tempt you... Read More
A home equity loan is a loan that is guaranteed... Read More
Do you want a mortgage loan for your new home?... Read More
Searching for a mortgage can sometimes be a hassle. Where... Read More
Will you be asked to pay Private Mortgage Insurance, or... Read More
Reverse mortgages used to be considered the last resort of... Read More
A Home equity line of credit is a loan which... Read More
What's the most efficient way to secure a US Commercial... Read More
Today, FHA will loan up to 97 percent of the... Read More
There are two broad types of home equity loans:Term loans:... Read More
People with bad credit that are looking to get a... Read More
You may think that applying online for a mortgage is... Read More
A problem that often arises when people try to refinance... Read More
Finding the right buy to let mortgage is crucial to... Read More
Your equity is the amount your home is worth, on... Read More
Buying a home with poor credit is easier than ever... Read More
Okay, you've decided to buy a home and are trying... Read More
Mortgage elimination programs are all the rage these days. In... Read More
As loan officers, the word "lead" is by far one... Read More
Figures from the Council of Mortgage Lenders show that in... Read More
If you are considering a new home loan anytime soon,... Read More
Unfortunately, most Americans still do not understand how home loans... Read More
Mortgage Refinance |