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6 Remortgage Tips: How To Research Your Remortgaging Deal Quickly

remortgage tips - save money when buying a homeAre you looking to remortgage your home? Or do you need an extra lump sum and see remortgaging as the only option? While it’s a big decision to make, it’s a decision that many people are considering every year. If you’ve decided that a remortgage is for you, then you have come to the right place to research the next steps. If you need to find the best deal quickly, here are some remortgage tips that can definitely help you. 

6 Remortgage Tips: How To Research Your Remortgaging Deal Quickly

On average, people look for around 59% of the value of their home back when they remortgage. Imagine what that sort of lump sum could do for you and your family. But can you afford it, and if so, how can you get the best deal? Well, some simple remortgage advice can really help you out. Take a look at these 6 remortgage tips on how to research a remortgage deal quickly. 

1. Find Out How Much Equity You’ve Got In Order to Remortgage

One of the first remortgage tips is to figure out how much equity you’ve already got. You can’t start working out the costs of your remortgage or figure out how much you can get without that information. If you own all of your home already, then you should know how much equity you have. Owning your entire home can put you in a much better financial position and could get you the best deal. However, you can still get good results if you only own part of your home.

If you do own part of your home, you’ll need to know how much before you approach mortgage lenders.

To do this you can:

  • Have a look at your mortgage documents
  • Call your existing mortgage provider for more information

Try asking for a written report on how much you own and how much you have left to pay.

You could be in luck if you bought your home a long time ago and house prices have increased a lot. You could end up getting a lot more when you remortgage compared to your original mortgage deal.

Related: Top Reasons to Pay Off a Mortgage Early – by the Mortgage Mutilator

2. Get A Recent Estimate On The Value Of Your Property

Getting a recent estimate of the value of your property is another one of the remortgage tips that can help in this process.

In order to do this, you can:

  • Ask for quotes from realtors
  • Check this valuation online tool to estimate the current price of your property

The bank or mortgage lender might want to do this themselves. However, it puts you in a better position if you know what you’re working with and have a good idea of what your property is worth.

3. Work Out What Sort Of Lump Sum You Need

You should have a figure in mind that you would like to try and get from your home. Be willing to walk away from any offer if the terms aren’t right. Mortgage lenders might try and offer you even more money up-front. However, this could come with increased costs.

Also, make sure you only get the money you need. Don’t borrow too much or too little. You want to make sure when you pay back the money, it was money well spent and nothing that was unnecessary. 

4. Consult A Mortgage Expert Before You Remortgage

This can be an important one of the remortgage tips. Try talking to a mortgage expert for advice. Make sure before taking the step to remortgage that it is the best decision for you.

Remortgaging can be complicated enough and it might not always be the best option. See what other help might be possible and what other options there are that could work for you. Even if you are dead set on going for a remortgage, an expert will be able to help with some of the details.

5. Try Online Comparison Sites Before You Remortgage

Enter your quotes online for a load of quick results. These comparison sites can be competitive and are a great place to find cheap mortgage offers. However, they aren’t the only place.

Shop around and make sure you’ve got a good offer. You can apply for a mortgage online quite easily.

6. Check The Rates Carefully

Checking the rates is another of the important remortgage tips to help in this process. Make sure you know if you’re on fixed or variable rates.

Be sure you know:

  • when the rates may go up
  • why these rates might go up
  • how much you’ll have to pay after the initial period is over

This is important because it can save you time when you go to do your remortgage deal. You already know what you’re dealing with and that is something else that can put you ahead. 

Related: Interest Rates Are Going Up, Should You Refinance Your Home?

To Remortgage or Not

Remember, the purpose is to make sure you can afford this step. Make sure this is the best decision for you. That lump sum might look good, but you’ll need to have enough in your monthly finances to cover the extra mortgage payments. Make sure you can afford your remortgage, it’s important. Do you have any more remortgage tips on how to get the best quick remortgage deal? 

Housing Money

AUTHOR LaTia Longuemire

My name is LaTia Longuemire. I enjoy writing, singing, and cooking in my spare time. My passion is helping others. At this stage in my lifetime, I'm primarily focused on my children. They are everything that keeps my world spinning.

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