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Remortgage Quote: Everything You Need to Know

Remortgage Quote: Everything You Need to Know

Whether you are hoping to reduce your monthly payments or get cash back out of your house, getting a remortgage quote is the first step to a new mortgage.  When you first seek out a remortgage quote, you will need to research a few main things to determine first off all whether you will qualify for a new mortgage, and also what sort of interest rates and options are available to you.

A remortgage quote is also commonly referred to as a refinance quote; it is an estimate from a bank or financial institution of what sort of interest rate and monthly payment you can expect if you refinance your home with that company.  Before you decided to get a remortgage quote, you will need to look at a few things to decide if it is a good option for you.

Most people who are getting a remortgage quote have some equity in their home; either the home has increased in value, or they have paid off enough of the mortgage to leave a gap between the value of the home and what is owed on it- this is what is meant by equity.  If you have no equity in your home, or worse, are upside down on your home (you owe more than the home is worth) you will likely find it difficult to get a refinance.  It’s a good idea to know what the likelihood is of being approved before you start looking for a remortgage quote.

Your credit is another factor that has a direct bearing on your remortgage quote.  Even if you have enough equity in your home, if you have poor credit you will be unlikely to qualify for the best interest rates, which means that you may not save any money by refinancing.  If you have good credit and equity in your home, you are ready to start your hunt for the right remortgage quote.

There are plenty of mortgage companies, banks and financial institutions out there that can provide you with a remortgage quote.  It’s a good idea to consider getting more than one quote so that you can compare the rates and the monthly payments you can expect to have.  Much like shopping for just about any other product or service, you should shop around for a remortgage quote so that you know you are getting a good deal.  The right remortgage quote will fit your budget as well as your needs.

You should also decide ahead of time whether you simply want to lower your monthly payment or whether you want to take cash back out of your home during the remortgage.  This will determine the type of remortgage quote you are looking for.

A good place to start looking for a remortgage quote is with your current bank or mortgage company.  They may offer specials for existing customers and make the application process easier since they already know you.  From there, you can compare with a few of the well known financial insitutions in your area, and choose the best option.

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