It has been an incredible last 12 months for the housing market. The stamp duty holiday has led to near record breaking numbers of people looking to move and on top of this, we have seen some of the lowest interest rates available. This has led to many looking to change onto a better mortgage rate and even extending on their current ones. There is so much information out there and it can be difficult to keep up to date on what is right and wrong. This is where we can help. Mortgagez have created this infographic, which covers a brief guide to extending your mortgage offer.
Q&A About A Brief Guide to Extending Your Mortgage Offer
How much will you save by extending your mortgage?
You'll be able to save thousands of dollars in interest charges by extending your loan.
What does a mortgage offer do?
A mortgage offer allows you to extend your mortgage.
Is there anything else I need to know about my options for extending my current home loan agreement ?
Yes, while some banks may allow customers with fixed rate mortgages (FRMs) to refinance into adjustable rate mortgages (ARMs), others don't allow this option at all . If you want an ARM , make sure that this is allowed before signing up for one .
How long will it take you to pay off your loan if you extend it?
It depends on how much extra money you're willing to put towards paying down the principal each month, but most people can have their loans paid off within five years or less with just a small monthly payment increase.
Who can benefit from extending their mortgage?
Anyone who has an existing home loan and wants to pay it off over a longer period of time.
What is the title of this article?
A Brief Guide to Extending Your Mortgage Offer.
Can I cancel my extended mortgage at any time ?
Yes, if something changes in your life and makes continuing payments on an extended home loan too difficult , then canceling is always an option . However , keep in mind that once cancelled , most lenders won't let borrowers re-extend their loans again later on .