3 Important Things to Distinguish Between Remortgage Offers

When you are evaluating different remortgage offers, there are several variables that you are going to want to look at. Here are a few important things to help you distinguish between remortgage offers.

1. Interest Rate

One of your main points of comparison should be the interest rates of the loans. You want to make sure that you find the lowest interest rate that you can. However, you want to check the structure of the interest rate to see if it is a fixed rate or a variable rate. If the rate is a fixed rate, you might be willing to pay a little bit more initially to lock in the interest rate.

2. Promotional Period

When you are looking at remortgage offers, you want to pay special attention to whether they are offering a promotional period or not. Many of these offers have a low introductory rate for the first few months and then the interest rate increases substantially after that. Make sure that you understand the terms of the promotional period if you agree to that type of loan.

3. Term

You also want to compare the length of the term with all of these loans. Some of them are going to be 30 year loans while others are 15 years, 40 years, or even 50 years. 

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