When you mortgaged your home or property to get a loan then probably it would not have crossed your mind that at some point of time you will have to remortgage your loan again. There can come a time in your life when it might not be possible for you to foot all those installments and you might want to lower your monthly installment. Therefore, you would like to refinance your deal.
It is not that you only remortgage only when you need to lower your installments. In some cases some other lender might be offering you a better deal at a lower interest rate. So what you would do is that you would mortgage the same property with the new lender and then pay off the older mortgage from the new proceeds. Generally remortgaging is done when you are unable to pay your installments and want to lower the installment load.
When you decide to go for the remortgaging what is the first step you take. You generally fill out the application form with your old lender for refinancing without looking in detail at what he is offering as you generally trust him. It should not be done this way. You should ask him for a quote and then compare it with the options available and if somebody is offering you a better deal then you should consider that. Although your trust might not be misplaced but after all your lender is in the business to maximize his profits so it is advisable to always ask for a remortgage quotes from your lender and new lenders.
After you finalize on the deal next step would to get your application ready. As in most cases, it is needed quickly so you need to keep it on the top of your priority list. Remortgage application is very much similar to the mortgage application and you will need to submit all the documentation and proof that you will be able to pay all the installments on time. It will almost take same time as a mortgage application so if you are in quick need of remortgage make sure that your application is correct and you are not hiding any information otherwise it might be stalled by the lender leading to the longer delays.
Sturat enjoys writing and sharing articles on topics like remortgage quotes and remortgage application.