Refix with a Broker
Tue Jan. 26th 2016
Switch and save: Why using a broker to refix your mortgage could be worth your while.
Switch and save: Why using a broker to refix your mortgage could be worth your while
Switching banks sounds like a huge hassle, which is why most people simply stick with their original bank for the life of their mortgage. But, if it's time to refix, it's worth looking at your options. Switching banks could end up saving you thousands, and using a mortgage broker to find the best rates makes the whole process pretty simple.
Here's how it works:
Brokers know best
Brokers are mortgage experts, so they know a great deal when they see one. Part of their job is knowing who to talk to and what to look for with a lender - which gives them a lot more leverage in a negotiation.
Cold hard cash
One convincing reason to switch banks? Cash. Many banks will offer a cash incentive on top of a great rate to push you to switch. That lump sum - often into the thousands - will usually cover any penalties for switching banks and leave you some money to play with as well.
Now that everything is online, switching banks is not nearly as difficult as people imagine. Particularly when you're working with a broker. Banks have the switch down to a fine art, and your broker will usually take care of any tricky details. Of course, you will have to sign the odd paper, but it's worth it for thousands of dollars in savings.
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