If you are thinking about refinancing your housing loan, it may be a good idea to do it sooner than later. Recent trends show that both national and global uncertainty is driving a surge in interest rates (IRs) after the historic lows in the past couple of years. Experts suggest that the average housing debenture rate could hit five percent sooner or later – so the time to compare financial institutions is now.
But refinancing the house takes a lot of finesse, especially in a world where interest rates are rising drastically. During the economic downturn because of the COVID-19 pandemic, IRs were at record lows. Remortgaging a house was a no-brainer for property owners, according to experts. It is not a bad idea to consider it at that time. But what about after the COVID-19 pandemic?
Remortgaging can be onerous, and there is a good chance that it can’t … Read the rest