A loan taken out 2-3 years ago was based upon different metrics and lender requirements, he says.
Following changes in requirements, many people can no longer refinance or increase their borrowing capacity even though their financial position might not have changed.
For many, this means they cannot switch to another lender at a reduced interest rate.
So, while advisors are exhorting the benefits of seeking out the best mortgage rate available, the reality is that many of the banks wont necessarily play ball.
However, rather than deciding its all too hard and paying a premium rate, here are some tips to help you in your assessment of a new or refinanced loan.
Proof of expenses
Many banks now require you to produce three months worth of …