How to Compare Remortgage Variable Rates

Many people shopping around need to compare remortgage variable rates in the most effective way possible. A remortgage is something that is going to cost you a significant amount of money over the long term. Therefore, you need to do your best to compare remortgage variable rates that you are given from different lenders. Here are a few tips for effectively comparing remortgage variable rates. 

Apples to Apples

The first thing that you need to do is make sure that you are comparing remortgage variable rates on even terms. Therefore, you can not compare a variable rate from a 5 year adjustable rate mortgage with the rate from a 7 year adjustable rate mortgage. The interest rates on these two products are different, regardless of anything else. Therefore, you need to make sure that the two loans you are comparing have exactly the same terms. 

Look at the Big Picture

While you are comparing variable rates on remortgages, you also need to look at the big picture of the process. If you are looking at one rate that seems to be lower than all the others, see if they are charging you for it elsewhere. Sometimes, they will give you a great rate and then make the closing costs twice as much as everyone else.

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