How to refinance your home loan in 6 easy steps

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Anyone can cook, all you have to do is follow a recipe.
And anyone can refinance their home loan to get a better deal.
If you've never heard the term before,
refinancing means leaving your current home loan and switching to a better one.
Here's a 6-step refinance recipe that's as easy as baking a cheesecake.
Step One
The first ingredient to find in any home loan refinance is a lower interest rate
Rates change all the time. What sounded like a low rate before
might actually be higher than you think.
Just like a graham cracker crust, a lower rate will crush your interest costs
and save you money in the long run.
Step two
Check that the new loan has some tasty flexible features
that you can actually use.
If the loan allows extra repayments you can pay it off faster.
If it has a redraw facility, you can pull those extra repayments out to spend in an emergency.
There are other mortgage features to look at too.
Finder has simple guides that break them down for you.
Step three
Watch out for fees.
Your new mortgage might come with fees upfront. .
And your old loan might have exit fees too.
But the fewer the fees, the better.
Step four
Now that you've found a better loan,
carefully gather all your ingredients and documents.
The lender will be setting the valuation of your property
and ensuring you have the power to pay back the loan.
Step five
Make the switch and wait for approval.
Once your application is approved, you're almost done.
Step six
The final step is to let your old lender know you're all finished by filling out a discharge form.
And voila. You've switched to a better, more flexible, more delicious home loan
and saved money.
So maybe you can have your cake and eat it too.
To compare mortgage rates, money saving tips and more info about refinancing your loans,
head over to Finder. The link's below.

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How to refinance your home loan in 6 easy steps

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