Have you begun to notice that lenders, loan officers or mortgage brokers don’t really have your best interest at heart? That some of them never even dream of going the extra mile for you?

That’s the case when you remortgage or refinance. These are complex transactions. They have consequences people often don’t take into account. And mortgage brokers, loan officers or lenders don’t tell you to take them into account.

Yet some of the bad consequences are easily fixed. This is the case with setting the term of the loan.

Typically, homeowners remortgage or refinance without thinking much about the terms, only about the interest rate and the monthly payments. Those who do only wonder if they can afford a loan amortized over 15 years instead of 30. For most people 15-year loans have monthly payments that are too high, so most people get them for 30. They do it when they first take out the loan, they do it every time they remortgage or refinance it.

The other way of handling remortgages and refinances is to set your term to whatever years are left on the original loan. This is not common and you might even think banks don’t do it.

If your bank does indeed not give home loans except for 15 and 30 years and you really want to give them the new mortgage, you can accept the 30-year loan but treat it like it had a shorter term. Simply make extra payments – to match what the payments would have been had you taken out a shorter loan.

If you just accept the 30-year term and make the payments based on 30 years, you lose a lot of money. Especially if you remortgage or refinance more than once.

If you take out a home loan amortized over 30 years, make payments for 3, then remortgage and take another 30-year loan, it will take you 33 years to own your home outright. If you make payments on the new mortgage for 4 years, then remortgage or refinance again and again you take out a 30-year loan, you’ll own your home outright after 37 years.

That’s the common way of dealing with home loans and remortgaging.

You could do it the second way. Namely, you take out a mortgage loan for $202,000 at 7%, amortized over 30 years. Then, after 3 years, remortgage at 6%, but amortize over 27 years. Then, 4 years later, remortgage again at 5%, but amortize over 23 years.

With the second way of remortgaging, you pay off the home loan in 30 years from the time you took out the first loan, so 7 years sooner than with the first way. You also pay $47,000 less to own your home outright. $47,400.84, to be specific.

What can you do with $47,400.84?

If you have already remortgaged or refinanced, visit any bank or mortgage outfit online, go to their mortgage calculator and figure out what you should be paying each month to finish paying off the loan within the 30-year term of the original loan. Then make additional payments every month.

The original principal, the interest rates, and how long in the life of a mortgage you refinance determine how much money you lose. But you always lose if you take 30-year loans every time you remortgage.

The next time you remortgage, triple-check with yourself how bad you need the 2 or 3 hundred dollars monthly payment reduction. Bad enough that you’d pay over $47,000 to have it?

Remortgages are a complex process. A remortgage based on lack of information can have the same bad consequences as a remortgage based on bad information . It’s not that hard to learn what you need, it’s easy to cause yourself serious harm . Visit http://www.remortgagesbadcreditornot.com/ to get more information. It’s a site that sells nothing, asks you to do nothing. You just get information in peace.