Mortgage refinancing is a big decision, and it could save you a lot of money if you do it right. Since interest rates are changing constantly, here are some things to consider.

Your Type Of Mortgage
One of the things to consider is the type of mortgage you have now. The variable rate mortgage was very popular until recently, but with six successive interest rate increases you may seriously want to think about changing to a fixed rate mortgage. By locking in the interest rate you may have to pay higher monthly payments initially, but this should protect against future interest rate increases.

Your Credit Report/Score
The mortgage rate you qualify for is based on your credit report and more specifically on your credit score. This is a number that rates your overall financial situation. Some lenders require certain scores in order to get you the lowest interest rates, but others use these scores as an excuse to charge you a whole lot more in interest.

The higher the interest rate lenders can charge you, the bigger their profit at the end of the day. It is the nature of business, they will make you pay as much as they could possibly squeeze out of you.

Maintain a healthy credit score by always paying the full amount that is owed on your accounts and make sure payments remain on time every month. If you are unable to make a payment due to unforeseen events contact your creditor and make alternative arrangements.

Shop Around
Every year thousands of people are losing money during the mortgage refinancing process. If you overpay for your new mortgage in interest and other costs, you will end up paying for your mistakes every month for the next 20 years.

It is always a good idea to make use of the services of a mortgage broker, who would be able to negotiate substantial savings on your behalf.

For more information see the following money saving articles below
- Recognizing a Bad Mortgage Loan
- How to Afford a Mortgage Bond
- Debt-Free Living
- Are Debts Keeping You Up At Night?
- Good Debt vs Bad Debt
- Budgeting – It Has to be Done Otherwise You’re Sunk!


To apply for a loan you will have to fill out a short application form. You will then receive a FREE quote from well established, nationally recognized lenders. You do not need to decide now whether the loan is for you.

Just apply and compare the repayments to your current situation. There is no obligation on your part. If you decide that it is not for you, you simply do not have to accept the offer. You have nothing to lose and everything to gain.

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