There are several factors to consider when determining if refinancing is right for you. These include your current interest rate, the length of your loan, and your credit score. Our team of experts can review your current mortgage and help you determine if refinancing is a good option for your specific situation.

I have been working in finance for close on 40 years and when I became a mortgage broker one of my licensing requirements was to analyze the difference between the old and new loans. I am required by law to work in the Best Interests of my clients and whilst this is new to the industry, I have been doing this since I started in broking.

Refinancing your mortgage like any credit application will result in an inquiry on all applicants’ credit files. This will impact your credit score but only if the application is submitted. I have access to what is known as a soft enquiry but it’s a full comprehensive report and emailed to you in minutes, and there will be no recording of your finance enquiry, this should by the way be the norm for any finance professional.

Whilst this will show up on your credit file, it only lasts 5 years, and it’s normal. The upside would be getting approved for a lower rate or better loan product potentially saving you thousands over the life of your loan.

Additionally, our team can work with you to find a solution that minimizes the impact on your credit score.

The length of the refinancing process can vary depending on a number of factors, including the complexity of your financial situation and the loan option you choose. On average, the process can take several weeks, possibly longer. The most common cause for delay is the lender you are currently with as it’s often the case they will delay for as long as possible, sad but true.

Our team will work closely with you throughout the process to ensure a smooth and efficient experience.