|Refinance My Mortgage?
Lower rate/ more flexibility / Home equity / Buy a new car / undertake home improvements / Personal circumstances change Get a better interest rate / Raise money for investing.Mortgage refinance
Whether you wanting to renovate, consolidating debts, search for other rate options, raise funds for a purchase, change your rates or loan options, refinancing your existing loan may be the way to go.
The mortgage markets are ever changing which is why staying in touch with us on a regular basis is the smart thing to do. We are always more than happy to conduct a review or quick home loan health check on your current loan.
|When To Refinance
The aim of refinancing your home loan is usually to save money, or to keep up with your changing circumstances. So, for a refinance to be successful you must consider both the market and your own individual situation. If your credit history has improved or your income has increased, you may be eligible for a lower interest rate. Does your home loan offer a competitive interest rate? Are you happy with your current lender? Have they provided you with a quality service? If not, you may consider refinancing to get better services and additional features.Refinancing Costs
Refinancing can be time consuming and costly, especially if you don’t do your homework before changing lenders. Before you refinance there are several aspects to consider, including break costs, interest rates and the value of your property. As can be expected, refinancing your mortgage can involve a number of fees and charges. It’s important to speak to your Loans and Mortgages mortgage broker about all the possible fees and charges to determine whether refinancing is a cost effective move for you.
|Your Refinancing Home Loan Health Check
The reality with refinancing is that many home loan holders rarely consider their home loan, let alone review it. The typical home loan holder will only think about their mortgage when it comes time to sell their home and buy another one. Despite this, financial experts suggest that all home loan holders should review their mortgage at least once every two years. Contact an Loans and Mortgages mortgage broker for a free home loan health check, to determine whether refinancing could help you save thousands over the term of your loan.How an Loans and Mortgages Mortgage Broker Can Help?
Loans and Mortgages mortgage broker will be able to compare 100’s of loans from over 25 lenders to find a loan product that best suits your needs. Plus, your dedicated mortgage broker will guide you through the entire home loan process – they’re with you from start to settlement, and they’ll even take care of the paperwork. All Loans and Mortgages brokers are fully accredited and are members of the Mortgage and Finance Association of Australia (MFAA) and/or the Finance Brokers Association of Australia (FBAA). Best of all your Loans and Mortgages mortgage broker’s service is cost and obligation free!A Loans and Mortgages Mortgage Broker can compare hundreds of home loans from over 25 lenders and give you expert guidance every step of the way.Refinance Mortgage and debt consolidation home loan
How do you know if it’s time to refinance your mortgage or consolidate your loans? Let me ask you another question. When is it a good time to put money back in your pocket? EVERY YEAR you should take a home loan health check to find out if the mortgage you have is still saving you money. A lot can happen in a year, life circumstances can change, you may have taken on extra debts and rates may have moved, so you owe it to yourself and your cash flow to check your home loan and debt situation every year.
|Should I Refinance?
My lender is charging me a higher home loan rate than I see advertised elsewhere. Can I change lenders?This is exactly the reason why most people change lenders. There may be a penalty clause in your current home loan, meaning you may need to pay a discharge fee, but it could still be in your financial interests to change. When shopping around it is always important to look for the comparison rate of a product. A comparison rate is essentially the true rate, taking into account the fees and charges you will pay on the loan. So even though you see a lower rate it doesn’t mean the repayments are less. L & M brokers are able to take the hassle out of this for you.If I move my mortgage to a new lender, is there anything stopping that lender from increasing their rates in a few months’ time?
It depends what kind of product you have. If you’re concerned about rising rates, perhaps you should consider a fixed rate home loan, where repayments are fixed for a period from 1 to 5 years.Why do some lenders charge more than others for lending the same amount of money?
Banks and other lenders pay different amounts for the money they on-lend to you, they have different overhead structures and different profit expectations. All these factors affect how much they charge to lend people money.
What documentation do I need to refinance?
|What reasons have other people like you, refinanced their mortgage for?
|How does refinancing your mortgage work?
Simply trade in your old mortgage for a new one! Applying to refinance and/or consolidate your home loan is very much the same process as applying for your initial mortgage. To help jog your memory, an outline of the process is;
What about the refinancing costs?
|Home Loans Specialist – Mortgage Broker Sydney
Refinancing Your Mortgage