Review Your Loan Agreement
When the end of your fixed-rate term is approaching, the first thing you should do is review your loan agreement. This will help you understand what will happen when your fixed-rate period ends. Reviewing your loan agreement helps you prepare for any changes that may occur such as an increase in your repayments or a switch to a variable rate.
Make sure to pay attention to the following:
- Fixed-rate period: Review the fixed-rate period to know exactly when it ends. Knowing the end date will help you plan accordingly and avoid any surprises.
- Interest rate: Make sure you understand the interest rate you’re currently paying and what your interest rate will be after the fixed-rate period ends. This will help you budget for any changes in your repayments.
- Fees & charges: Review any fees and charges associated with your loan agreement such as early repayment fees or break costs. Knowing these fees and charges will help you avoid the unexpected.
Understanding the terms of your current mortgage agreement will help you make a more informed decision about how you should proceed with the options available to you when the time comes.
Refinance Your Mortgage
Refinancing your mortgage involves switching to a new loan product or lender to take advantage of better interest rates or more favourable loan terms. Refinancing your mortgage can help you save money on your repayments and provide you with more flexibility in managing your mortgage. You may want to consider refinancing if you want to:
- Get a better interest rate
- Change the length of your mortgage
- Change the type of your mortgage
- Access your equity
Renew Your Mortgage
Switch To A Variable Rate Mortgage
Make A Lump Sum Payment
Pay Off The Mortgage
Seek Professional Advice
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