Appraisers, Mortgage Brokers, and More
Getting a remortgage loan is a good idea in many situations. Here’s some remortgage advice from a former mortgage broker.
You don’t need any remortgage advice to know remortgages are supposed to improve your cash flow or reduce the total amount you pay or both. Yet often people remortgage so that none of the above applies to them. Often they’re people who did get remortgage advice from people who shouldn’t give remortgage advice. Because it was cheap or free.
Get Very Clear on All Aspects of Your Remortgage
The first remortgage advice is do your own research, then hire a professional for additional remortgage advice.
The second remortgage advice is to be very clear on the numbers. By that I mean know if there’s a penalty for early payment of your current mortgage loan and if your remortgage loan will have one or not. If the remortgage loan you’re considering is an ARM, understand how the rate is going to adjust. What if it adjusted each time to the maximum? Can you afford payments at the highest interest rate?
Often people figure out the maximum payment and that they can afford it. But they forget to account for utility bills going up, for property taxes going up. They usually don’t fail to account for raises they’re going to get, for new business opportunities they’re going have. Know your closing costs, know your monthly housing costs (including property insurance, utility bills, taxes, repairs, upkeep).
The third remortgage advice is to hire someone who knows contracts and the law even when you remortgage. Long range it can be very expensive not to have legal counsel. Often remortgage agreements are fine. But not always.
Your Remortgage, Whose Appraiser?
The fifth remortgage advice is to hire your own an appraiser. Because when appraisers work for you, you can ask them questions. The appraisal a lender-hired appraiser provides answers questions that fit the lender’s needs, not yours.
Mortgage Brokers And You – Part I
The sixth remortgage advice is to consider working with a mortgage broker, especially if your credit scores are not good. Mortgage brokers work with many lenders. They can get you a remortgage when a direct lender cannot, when your credit is not good, or the equity in your property is not that great.
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