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Talk to your current lender or a mortgage broker first before considering a range of alternatives

You should begin investigating refinancing by speaking to your mortgage broker or current lender first.

Your current lender may be willing to offer you a better product at a more competitive rate with better features rather than see you walk out the door.

This could save you a lot of money as well as the hassle and cost of refinancing with another lender.

In addition, if you find yourself under financial pressure or struggling to make repayments, your existing bank may allow you to change the terms of your loan or even negotiate a payment holiday or reduced repayment schedule for a period of time while you sort out your affairs.

This might be a better option than refinancing.

But don’t restrict yourself to speaking to just your current lender or one alternative.

A reputable mortgage broker will offer hundreds of loans through a wide range of different lenders including credit unions, building societies, the big four banks, smaller banks and non-bank lenders, which might better suit your circumstances.

This article was taken from Property Observer's free eBook: 12 tips for refinancing your mortgage.

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