Brad & Robyn’s Caravan Trips & Tips

Is an increasingly popular way to access the equity in your home, consolidate debts, or simply take advantage of a cheaper interest rate or lower fees.

However, it’s not without its risks.

Before leaping at what appears to be a better deal, think carefully about the actual – and perhaps hidden – costs of switching. It’s not just the early settlement fees on your existing loan, but also application fees for your new one – and even the valuation fees required by some lenders.

Finally, if you change the loan duration from, say, the ten years left with your existing loan to a 20 year one for the new loan, don’t forget to consider the cost of the extra 10 years worth of interest