Not everyone should get a remortgage, but how do you know if it's right for you? Take this personality test to see if you have what it takes to get a remortgage for you and/or your family:
- Are you willing to change?
Yes? Then you're ready to refinance! Because you'll be switching lenders, you'll need to keep an open mind about making changes in the middle of the process. Knowing you, this shouldn't be a problem. You won't feel like a bad person if you leave your current financial institution. After all, you can keep your business and personal life separate.
NO. If you stick with something until the end, it may be hard for you to accept that a remortgage will require you to use a new lender. You could also choose to do a refinance instead, which is usually done with the same lender you already have. This way, you won't feel like you're lying to your bank when you ask for a remortgage.
- Since you got your first mortgage, has your credit history changed?
Yes, the credit histories of a lot of people and couples get better over time. So, even though their credit report is perfect now, the mortgage they got in 1990 might still have a very high interest rate. So, a remortgage could give the borrower the chance to get a much lower interest rate, which will save them money in the long run.
NO. You may not need to remortgage if your credit history hasn't changed much since you first got a mortgage. One of the main reasons to get a remortgage is to change your payments and possibly save a lot of money.
- Do you know how to do research well?
Yes, you like the thrill of looking into something new and researching it, so you'll enjoy looking for the best remortgage deal. You won't give up if you don't find great interest rates the first time you look for a remortgage. You'll just wait a few days and try again.
NO - You might not want to get a remortgage if you don't like doing research. You could also ask someone else to do your research for you. So, you can get the best remortgage deal possible without having to do the work yourself, which isn't your strong suit.
- Do you like saving money
Yes, saving a little bit here and there makes you happy, so a remortgage is sure to make you smile big. Many people have been able to save a lot of money by getting a remortgage and pocketing the interest payments they would have made. With a remortgage, you can also pay off your loan quickly, which will save you even more money.
NO - Are you not interested in saving money at all? Then you might not care as much about a remortgage, but you should still think about it. After all, a penny saved is a penny earned.
