Mortgage refinancing is a common route taken by many borrowers to take advantage of falling interest rates It is also used to consolidate other high cost debts into low costs ones and also for the purpose of reducing the tenor of repayment. The refinancing can also be thought about when there is a need to have reduction in the repayment tenor taking into account the lower interest rates. However it cannot be done arbitrarily and has to be done only with the help and assistance of professionals. This can be done with the help of professionals like us who could be able to guide the customers through the entire process of mortgage refinancing.
Whenever a customer approaches us for refinancing we try and find out whether it makes sense to go in for such refinancing in the first place. At the end of the day such refinancing must be able to show some commercial benefits to the customers failing which it might not be advisable to go in for it. Further, it could also be considered whenever there is a need to consolidate high cost debts and replace the same with one single mortgage refinancing loans. However, here again the tenor or the loan and the overall interest payable must be considered and a decision should be taken only if it favorable to the borrowers. We have a team of professionals who can help our customers to find out whether such refinancing is profitable from all points of view.
On the other side of the spectrum, one should also keep in mind that mortgage refinancing requires going through various processes and steps both legal and statutory in nature. It is therefore important to take the help of lawyers and other professionals to go through the entire matter. Since it calls for closing the existing loan and replacing it with a new mortgage loan, we help in making the right calculations to see that only what is due is being paid to the bank.
There could also be the need to revalue the property in question because of increased loan amount being sanctioned by the bank. While banks have their own valuers, we also step in on behalf of the customers and help value the property that is again being mortgaged. This helps the customers to have a decent idea about the fair market value of the property in question. Hence, taking our help certainly helps in more ways than one whenever there is a need for mortgage refinancing.