You’re probably here because you were planning to remortgage but had your plans stopped by the ongoing pandemic. Your goals might have been set back a few months or even years because the mortgage option you needed is no longer available.
Fortunately for you, your money-saving efforts can still be achieved. Even with COVID-19 causing havoc in many societies, you can go about remortgaging to save plenty of money.
With that said, whether you are going to remortgage now or in the future, you might have a few questions in mind that we will answer.
Does it Cost Money to Remortgage?
Unfortunately for you, it does cost some money to remortgage. While the remortgaging itself is usually free, other tasks like valuation surveys and conveyance will come with a price. Fortunately, many lenders realize that these costs can drive away people looking to borrow some money. For that reason, they have come up with plenty of incentives, such as free valuation surveys, to attract people.
In other words, look around at the different options available. That way, you can find the best deal possible.
Do I Need to Run a Valuation Survey?
Speaking of valuation surveys, are they necessary? Put simply, yes. That is because lenders, such as banks, need to know that your property is mortgageable. However, how the valuation surveys are carried out can be different for each case.
There are two general ways these surveys are done. First, a surveyor can be sent to the property. Second, someone can check the property value using a computer (i.e., desktop property valuation).
Because of the pandemic, the second option is the one you want to keep an eye out for. Besides adhering to social-distancing regulations, a desktop property valuation also makes the whole process go faster, which is beneficial to you.
Can I Refinance at Any Time?
Many people choose to remortgage approximately four months before their existing mortgage ends. However, because of the pandemic, lack of staffing in banks and other lending institutions means that you should remortgage a lot earlier. A good rule of thumb is to consider remortgaging approximately six months or sooner.
Can a Mortgage Broker Help?
During your hunt for the best remortgaging option, you might have heard of mortgage brokers. Are they of any help to your efforts? The answer is a resounding “yes.”
Mortgage brokers can help in many ways. For example, they can submit your applications for you and ensure that all the requirements are satisfied and completed. They can also help you discover the lowest mortgage rates available, allowing you to find the best deals.
Perhaps the most significant benefit for you during the pandemic, however, is that they know which institutions are still thriving and which ones are struggling. They can send your application to the banks that can quickly process your mortgage and avoid ones that might cause delays.
Refinancing with Your Los Angeles Mortgage Broker Shannon Christenot
So, can you still remortgage your property during the pandemic? Absolutely! Of course, some processes are a lot tougher to do because of the new rules and regulations due to the virus. Fortunately, lenders are doing their best to make the process simple and bring them online, allowing people anywhere to remortgage at any time.
That said, do not forget to work with a mortgage broker! They will help you identify the best deals to satisfy your needs, essentially saving you money, time, and headaches.