Three rules for refinancing
In 2016 the mortgage refinance market is expected to grow 30 per cent. Here are three simple rules to follow when looking to refinance:
1 Beware of ‘honeymoon rates’ and read the fine print. The revert rate could be much higher.
2 Shop around – This is a no brainer. There are plenty of better offers out there. Do some homework and research.
3 Compare the comparison rate. The comparison rate takes into consideration other regular costs such as fees and what the mortgage reverts to if there is a honeymoon rate.