Do you know what the current interest rate is on your mortgage? We’ve found that as interest rates have crept up, many mortgage holders have resigned themselves to the increases and have lost track of their interest rate. Sometimes refinancing your mortgage can save you money.
Residential broker Dan Hynd has helped a couple of clients recently, finding them a more competitive interest rate and ultimately saving them money each month on their loan repayments. Here’s some examples:
1. A client had a $550K pre-approval with a major bank with an interest rate of 6.49%. Dan was able to increase their borrowing capacity to $650K and obtain a lower rate of 5.84% with another lender.
2. Dan refinanced a client’s $470K loan with a 6.5% interest rate to a 5.83% interest rate loan, saving them $173.49 a month.
Refinancing your home loan is not dfficult and the half an hour or so it takes to get your information together may be well worth it. Contact our team today to find out more.
If you’re looking for finance or funding solutions, get in touch with our brokers today.