Borrowers are being encouraged to shop around for better deals on their home loans even by the Federal Treasure at present. Your current loan may have been a good deal at some stage but there may currently be much better options in the marketplace. If you are considering refinancing, you need to weigh up the pros and cons carefully and accurately.
Home loan rates available on the market can differ quite considerably depending on the lender and the type of loan. This difference can equate to thousands of dollars of additional interest per year and tens of thousands of dollars over the life of the loan.
To compare different home loan offers effectively, you need to compare not only rates but various other factors such as monthly fees, application fees and facilities. Fortunately, using a good home loan calculator with live rates can takes all these factors into account automatically and give you a much clearer picture of true the cost of a loan.
With today’s advanced online calculators, it is easy and fast to shop around and find a better deal than your current home loan product. Be sure to take into account the cost of refinancing such as exit penalties (if they apply).