When the interest rates keep on going up and you find it hard to meet the mortgage repayments it may be time to refinance. When you choose a home loan specialist you are more likely to get a good deal with their refinancing loan. When a company is a loan specialist it means they focus all their attention and energy on doing just that; providing home loans for people at the best rates possible.
There are many good reasons to refinance your mortgage, although it may not always be the answer. You have to remember that you could be charged an exit free by your present lender and so will need to take this into account when working out a budget. However many non-bank lenders do not charge any application fees or ongoing fees for this loan.
When you get a refinancing loan from a specialist lender you will find that the interest rates are really good in comparison with many banks. You may want to split the loan so that some of it is fixed to a specific interest rate, while some is left at the variable rate.
This gives you the best of both worlds; if the interest rates fall, you will be able to take advantage of the lower rates for the variable part of your loan, while if they rise the fixed portion will help you to remain on track at the same interest rates. And in fact, some refinancing options from home loan specialists offer a low rate for two whole years. After this time the rate reverts to the variable interest rate, which is still lower than that offered by many banks.