It's around that time of year again. Time to check my housing loan contract to see if it is time to refinance my loan. Over here, everything is done manually. You have to check with each bank to see what deals they have and what they can offer you.

There's also the issue of banks giving preferential rates to new customers and giving those who wish to refinance their loans in the same bank, a raw deal. That said, I have to give kudos to my current bank for giving us a good deal when I called them.

Mortgage rates are going up and in my experience, choosing the fixed rate over the floating is always a better choice. First of all, you know exactly how much you are paying that year. It's easier for you to budget for the next 2-3 years depending on your contract (aim for fixed rates over 3 years), and you're not subject to what the board rate is (which can vary depending on who you are - yes, it's been that issue in the newspapers).

Also look for prepayment penalties and when you can most likely refinance your loan again. Ideally it should be no more than 2-3 years.

What would be great is an independent mortgage broker who can suss out the best deals for you. Sure, they have that here too, people who get kickbacks from banks they represent, but I've yet to find one online which I can review before talking to them.

That's why a company like SecureLoanConsolidation.com is great. They instantly connect you with Credit Card Debt, Mortgage Refinance, and Home Equity Loan lenders, and give you good concise advice on their site. If you live in the United States and have some Home Mortgage loans to refinance, do stop by and have a look.

This post is sponsored by SecureLoanConsolidation.com. The author recommends you review the fine print of your home loan contract annually, as well as scout around for current home loans rates to see if you can get a better deal over the next few years.

Tags: mortgage, home loan, refinancing