Costs of Refinancing
There are some costs which you need to understand before you consider refinancing your mortgage.
Some examples are: application, documentation, settlement fees, early repayment fees, discharge fees on existing mortgage, registration fees on new mortgage and mortgage insurance if you borrow more than 80 per cent of the property value.
Refinance almost always costs you money at the start, however, in most cases, if you are considering choosing a better home loan which suits your current circumstances, most people may end up saving thousands in the long run.
That’s why it is important to review your mortgage regularly to ensure that you are getting the best home loan for you