Everything You Need to Know About Home Surveys – MortgageLadder’s Definitive Guide
Everything You Need to Know About Home Surveys – MortgageLadder’s Definitive Guide
Mortgages are often for a fixed period of time, usually between 1-5 years. At the end of that term. At the end of that term, the lender moves you to their standard term, which in most cases means higher interest rates. It’s lAdjustable Mortgage Ratesout of contract on your mobile phone. In order to get a new rate, comparable or better than the one you were, you will need to remortgage. We made a guide to remortgaging to help you through this process
A remortgage is a process of re-assessing your mortgage often towards the end of Best Fixed Mortgage RatesYou can get a lower interest rate, change the term of a mortgage, or lower the monthly payments. A remortgage can also be used to raise additional finance by borrowing more for things such as home improvement, paying off debts or purchasing another property.
The remortgaging process
The remortgaging process does not differ much from the mortgage application procedure, although the process is often much quicker than a new mortgage.
It’s important to make sure you are up-to-date on the latest offers and deals because if you’re currently in a deal that is about to expire or has already been renewed, it’s worth checking out what rate will apply when your current Best Variable Mortgage Rates expires.
For example, if your property’s value has increased or your loan has reduced as a result of your past payments, It’s possible that your LTV (loan-to-value or the amount you owe as a percentage of the value of your property) has changed and that means you have access to more competitively priced deals. As a rule of thumb, the lower your LTV, the better deals you have access to.
Should you change lender when you remortgage?
Not necessarily, but USDA loan requirements that as an option. Staying with your existing lender means you only have access to the deals they offer you and without researching the whole market, you won’t know if you can be on a better rate or better terms