FREQUENTLY ASKED QUESTIONS

Answers To All Your Questions

WHEN SHOULD I REFINANCE?

If you are eligible to refinance, anytime soon could be a good time to do so.

Trigger points to consider refinancing could include a change in the cash rate; the end of a honeymoon, introductory or fixed rate term; a change in your economic circumstances; if you want to access equity in your home, and; if you need a different loan structure.

SHOULD I GET A FIXED RATE OR ADJUSTABLE RATE LOAN?
Borrowers should consider their own needs and circumstances when deciding on the right rate mix. “Fixed rates give you certainty for the fixed term. Variable rates can be lower than fixed at the time of settlement, but may fluctuate over the life of the loan.

WHAT IS A SUB-PRIME MORTGAGE?
“Subprime” refers to the below-average credit score of the individual taking out the mortgage, indicating that they might be a credit risk. The interest rate associated with a subprime mortgage is usually high to compensate lenders for taking the risk that the borrower will default on the loan.