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Refinancing your mortgage

How to refinance your mortgage

Refinancing in 4 easy steps

1. Nowadays you can apply to refinance your mortgage online at ING DIRECT or over the phone by calling 1800 199 106.
2. Once your mortgage is approved your approval documentation will be mailed to you.
3. Once you've accepted your mortgage offer the bank arranges to pay out your existing one.
4. And that's it. Now you're ready to start knocking down walls and begin your renovations/extension. Or just enjoy the home you have.

What are the advantages and disadvantages of consolidating additional debt such as credit cards into my refinanced mortgage?

The advantages are:

• You only have to worry about one payment.
• By paying a smaller interest rate, sometimes as much as half the amount of the credit card rate, you'll save a significant amount if you continue to pay the same amount as you did when you were paying your credit card.
• You may have fewer fees to pay.

The disadvantages are:

• Payments are over a thirty year period.
• You could lose some of the benefits of your credit card such as rewards, international travel insurance etc.

Why is my mortgage repayment history important?

You want to show you have a good repayment history and that you are a good risk. An adverse history can reduce your ability to borrow any additional finance and finance for your home.

Don't forget Government fees and charges

They'll be some Government fees and charges you'll need to budget for. You'll also need to dislodge your existing bank form and title, and register the new mortgage and title with your new lender.

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