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Understand the costs of your new loan

Make sure you know the upfront and ongoing costs involved in achieving the new loan.

One thing you should consider is the difficulties of refinancing into a “bells and whistles” loan.

These are characterised by numerous extra features, such as credit cards or different accounts thrown in.

Often these can seem attractive upfront with low rates or free honeymoon periods, but can be expensive if not used wisely.

If you want one of these products, ensure that it fulfils your actual requirements.


This article is from Property Observer's free ebook Mastering the Art of Refinancing: 12 tips for success and key things to consider.

 

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