• About Us
  • Privacy Policy
  • Contact
Mortgage Insurance Center
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
Mortgage Insurance Center
No Result
View All Result
Home Mortgages

How to get a mortgage refinancing across the line

by Matthew Upton
May 17, 2022
in Mortgages
0
How to get a mortgage refinancing across the line
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

[ad_1]

Hi Nicole, I’m getting really worried about all the talk of more official interest rate rises when so many of our other household costs are going up. Our lender has passed on the entire increase to our mortgage, lifting the rate by 0.25 percentage points, and it now stands at 3.21 per cent. We have a loan of $480,000, taken out when we bought our first home four years ago. I’d be very grateful for any information about how we can protect ourselves. We want soon to both move to reduced hours, to share care for our hoped-for little one. Many thanks, Sheree

First up, you can do far better than a 3.21 per cent mortgage. That you are on such a rate is a reflection of the fact you have had the mortgage for four years.

It is becoming harder to juggle higher mortgage payments and an increasing cost of living.

It is becoming harder to juggle higher mortgage payments and an increasing cost of living.Credit:Michel O’Sullivan

However, the pandemic-induced mortgage rate war has seen far sharper deals come into the market; therefore it’s time to refinance – if you can. It would instantly put more cash in your pocket to help with the rising cost of living.

It is good for your mortgage that you have not yet reduced your work hours, as it will make it easier to get your loan approval over the line. What does are two regular, reliable incomes.

The flipside of that is your expenses.

The so-called “Netflix test” is an in-depth investigation of everything you spend in the three months before you apply for a loan. So, it is best to be economically prudent during this time, to show a lender you have plenty of capacity to make mortgage repayments.

The lender will probe your spend on more than a dozen common categories, including groceries and other household expenses, clothing and personal care, utilities and rates, insurances, transport costs, phone, internet and other media (pay-TV, streaming services etc), medical and health, education, recreation, sports and entertainment, and childcare.

Your baby plans, though exciting, are expensive… so I would keep them quiet!

There is also an amount it is assumed it costs you to live, in your particular circumstances. This is called the household expenditure measure. There is no point getting your expenses below this, however, as a lender would use the higher of the two figures.

[ad_2]

Source link

Previous Post

Public health and social measures to mitigate the health and economic impact of the COVID-19 pandemic in Turkey, Egypt, Ukraine, Kazakhstan, and Poland during 2020–2021: situational analysis | BMC Public Health

Next Post

Columbia Pacific Advisors provides $115 million in loans to dynamic star for three New York City Developments 

Next Post
National Historic Landmark Apartment Asset Sale Brokered by Marcus & Millichap

Columbia Pacific Advisors provides $115 million in loans to dynamic star for three New York City Developments 

Popular Posts

Ajanta Pharma : Newspaper Advertisements
Life insuranace

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

by Matthew Upton
July 28, 2022
0

Close Provided by: TAIMING ASSURANCE BROKER CO.,LTD. SEQ_NO 4 Date of...

Read more

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

$1 billion in loans still available for agricultural funding in Ohio

How Long Do Car Accidents Stay on Your Record?

Rocket Mortgage Classic Wagers: Pick To Finish Top-10

Load More

Popular Posts

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

by Matthew Upton
July 5, 2022
0

Propy introduces blockchain title and escrow service

Propy introduces blockchain title and escrow service

by Matthew Upton
May 26, 2022
0

Biden administration sued after fertility awareness methods cut from health coverage

by Matthew Upton
June 15, 2022
0

Ajanta Pharma : Newspaper Advertisements

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

July 28, 2022

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

July 28, 2022
Edelweiss General Insurance launches India’s first on-demand, mobile telematics-based comprehensive motor insurance – SWITCH

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

July 28, 2022

Categories

  • Assets
  • Banking Laws
  • Finance Laws
  • Health Insurance
  • Home Insurance
  • Interest Rate
  • Life insuranace
  • Loans
  • Mortgages

Tags

home loans mortgage personal loan
  • Privacy Policy
  • contact us

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • About Us
  • contact us
  • Home
  • Home 2
  • Home 3
  • Privacy Policy

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.