Aside from getting married buying a home and getting a mortgage is the largest decision you will make. When it comes to renewing your mortgage you need to have a remortgage specialist on your team to get you the best terms possible. Mortgage lenders are always fighting for new clients and you could be sitting on huge savings and better terms for your mortgage – whether you are looking for a simple home loan remortgage on your home loan or a consolidation remortgage for debt management assistance.
The old adage that knowledge is power truly rings true when you have an expert to explain to you what is needed in order to squeeze down the interest rates. If you have just received a renewal notice from your current lender they will have a rate offered that they are hoping you just accept. The savvy person like yourself is aware that with all the buzz in the media about mortgage rates – you know to never accept the first offer. But who should you trust in regards to remortgage companies for your long term financial health with can seem like a truly daunting question.
You should understand what a remortgage specialist does so you have clear expectations moving forward with the relationship. First the specialist from a high quality remortgage company has to have both academic and practical experience setting up mortgages for clients. The length of the experience can be anywhere from one to five years depending on the state where you live. The specialist will take all the particulars of your financial situation and then begin to look at each and every available remortgage lender to find you the best deal.
What makes the specialist unique is that they do not represent any institutions they in fact represent you and are your advocate in the search of the best remortgage deal, and can help speed up the process substantially to help you get a fast remortgage. You do not have to pay the specialist to receive a no obligation quote where they shop the best rates for you.
When meeting your specialist for the first time be as forthcoming as possible with your situation and needs. They are experts in mortgages and know how to source for the right lender based on your unique profile. The remortgage specialist will require you to fill out forms to get a financial snapshot of your current situation. This snapshot will include a copy of your credit report from all three major credit report agencies. If you have or had credit issues in the past make sure your specialist understands the circumstances that caused it.
In this current economic climate most families are suffering from some form of financial hardship and if you are paying on a mortgage that has a very high interest rate then you must find out your remortgage options. You do not need to have a high interest rate to consider a remortgage, if you are carrying a lot of debt then taking out some equity from your home to pay off those debts may make sense. You always want to get the most flexible remortgage terms that you can find with a new loan.
You specialist will be able to address any questions you may have about the process but you must have a firm goal of why you need to have the remortgage. You want to either reduce the interest rate you are paying, take out some equity or both.
Since the financial crisis came about all remortgage specialist must ensure they are demonstrating due diligence in their dealings with clients. What this means to you is everything you are putting down on your application form must be verifiable. These regulations have come out in a hope to stop the rash of bad loans made in the past. When dealing with mortgages you are never under an obligation to take the deal being offered but working with a specialist ensures you are getting the best deal possible, it is your money so why pay more than you have to.