Mortgage Basics: Information for First Time Home Buyers

What if I own a home, but want to take advantage of lower rates?

A re-mortgage involves a switch of lenders or mortgage products. For example, you could change mortgage lender and/or you could take on a different mortgage product offered by your current lender. Re-mortgaging is on the increase as savoir-faire borrowers become aware of cheaper mortgage products - at present, almost 1/4 of borrowing is for re-mortgaging purposes. The attractiveness of re-mortgaging is often the potential to access lower interest rates resulting in lower monthly mortgage payments. This is sometimes a good way to borrow for things like home improvements, you or your childs college education, or debt consolidation (credit cards etc).