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Examine the state of your current loan (and other debts)

Before considering a new loan and/or a new lender you need to know where you currently stand.

Make sure you are aware of all the costs and fees associated with your current mortgage, the interest rate you are paying and the features and benefits you receive.

If you have a second mortgage secured against the primary mortgage, you need to be aware of all the terms, conditions and restrictions attached to that loan.

It may be a worthwhile exercise to assess the equity you have built up in your home by comparing the amount still owing on your mortgage versus the value of you rhome – you can either get a rough idea by examining recent sales prices for similar homes in your area or by paying for a professional valuation or property report.

You should also make sure you are up to date with your repayments not just on your mortgage but also on other loans and credit cards.

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