First Time Buyers at Just Mortgages Dublin, Ireland - re mortgages

By: Just Mortgages  05/12/2011
Keywords: Re-mortgage

Re-mortgage means paying off an existing mortgage and taking out a new one. The process of remortgaging is now a very streamlined process! Some lenders are now even paying your legal fees to refinance to them, making it an even more attractive proposition!

Home owners may choose to re-mortgage for any number of reasons, including:

  • Lower the interest rate on their existing mortgage
    Obtaining a lower interest rate on an existing mortgage is one major reason homeowners choose to refinance. By re-mortgaging to a lower interest rate, home owners can reduce their monthly mortgage repayments. However, there are usually some fees and costs associated. Generally, if a home owner plans to remain at their current residence for some years to come, refinancing their existing mortgage to a lower rate should more than pay for itself over time!
  • Change a loan type
    Home owners with a variable rate mortgage can change to a fixed rate by refinancing. This option can offer protection against rising interest rates and some peace of mind in the long term. As interest rates rise, so will mortgage repayments. Home owners with a fixed-rate mortgage will have no increase in their monthly payments for the duration the rate remains fixed, i.e. one to three years. It is also possible to switch from a fixed to a variable rate mortgage. However, there are often costs associated with this option but the benefits can outweigh the costs over time.
  • Own their homes faster
    Re-mortgage helps people own their homes faster. Home owners can do this by availing of a mortgage over a shorter term, reducing from a 30-year to say 15-year term. This option will work for those who can afford to absorb higher monthly mortgage payments. Generally, the longer the term on a mortgage, the more interest paid. Mortgages should be reviewed and managed on a regular basis (about every two years).


Keywords: Re-mortgage

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