Be Aware Of Break Costs When Refinancing

Mortgage Saving Tips

When you are refinancing your mortgage you should always be aware if there are any break fees or delayed establishment fees for closing your original loan. Also do your research thoroughly and establish that you are switching to the best mortgage for your particular situation and do not just take the word of a mortgage lender or broker. Finally, if you are refinancing to get access to the equity in your home then be very careful what you use this equity for. Spending it on personal items or depreciating assets such as a holiday, home theatre system or new car will mean that it will cost you a lot more money in interest repayments over the life of the loan than if you just saved up and paid for that item with cash.

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