How to Refinance without Refinancing

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Problem

There’s many lenders that may offer better interest rates than you are currently paying. Why haven’t you refinanced to save money? A small interest rate saving over the course of a home loan can add up to many thousands of savings. In some cases tens of thousands of dollars saved over the long term.

The answer to this question maybe that its all a little too difficult. Gathering all the information needed, talking to brokers, lenders. As much as the potential savings are many people just cannot be bothered with the effort required to move lenders.

Solution

We have helped clients obtain these mortgage savings without the need for providing all this information to a new lender. Its quite a simple matter to ring your current lender. You’re in the box seat if your loan to valuation ratio is less than 80% as this means you avoid the need for paying for mortgage insurance in a refinance.

If you’re unsure as to you’re expected valuation give us a call on 1300 To Revive (1300 867 384) or email us at info@revive.net . We can provide you with a property report of your current property showing you its purchase history and expected valuation, even providing comparable sales for the same type of property in your area. All at no cost to you.

Then just ring your current lender. Arm yourself with the rates they are offering new borrowers. Ask the customer service person to be put through to the person who can explain to you why your interest rate is higher than the advertised rates. Remember they don’t want to reduce your rate. They want to retain your business but not to give you a “discount”.

At this point if you don’t get anywhere with customer service ask to speak to their Mortgage Discharge team as you are not happy with your rate, that you feel you can do better, and want to know what forms you need to discharge your mortgage. Remember they don’t want to lose your business. Lenders spends lots of marketing dollars attracting new borrowers, they don’t want you going elsewhere.

Your goal is to get them to transfer you to their Mortgage Retention Department. These are the people trained to keep you as their customer, not to lose you to another lender.We have helped customers stay at their current lender but lower their rate all at zero cost to them.

If you don’t want to refinance because of the all the effort needed why not follow this advice, refinance and save without refinancing.

If you need assistance with this just ask, call 1300 To Revive (1300 867 384).

 

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