Remortgage to Build Your Home Equity

Often times a remortgage occurs to give a homeowner access to the equity built into the property. At other times it is to secure a lower interest rate. One overlooked opportunity is to remortgage with the goal of building equity faster.

If a family has had a change in their financial situation that would allow paying a higher payment, a remortgage would be beneficial in some cases. To save on interest payments. The remortgage could be for a shorter term allowing a quicker accumulation of equity. It would also save on interest payments and if a lower interest rate were obtained then the savings are even higher.

Other considerations that will help determine if there is a beneficial option are: how long you plan to live in your home, are there any prepayment penalties on your current mortgage, and remortgage costs