If you have a good credit history, you should always make sure you are getting the best rate possible for your home loan. Refinancing is a good way to convert a variable loan rate to a fixed loan rate & can save you thousands over the life of your mortgage.
With house prices always on the rise in Sydney, there’s usually a better option out there to suit your mortgage needs. Here’s a quick breakdown on refinancing your home loan & the benefits of doing so…
What is Refinancing?
Refinancing is the process of getting a new mortgage to replace the original. It’s a process that allows the borrower to obtain a better rate & potentially take equity out of your home. By obtaining a new mortgage you can reduce the monthly payments, lower the interest rate, and change mortgage companies.
What are the reasons for Refinancing?
The Risks of Refinancing
When can you refinance your home loan?
With the abolishment of major break costs, switching lenders has never been more affordable. Some banks even pay rebates that cover the costs of switching. And with interest rates at historical lowest, now is the time to refinance your home loan to a more suited lender.
An independent mortgage broker can help you seek the best loan in the market and calculate the annual savings on your new loan. They can also help you calculate the equity in your existing home and give you lending options for purchasing investment properties.
Why should you consider refinancing?
There are several reasons for refinancing your mortgage, these include:
Our mortgage advisors at Euphoria Loans specialise in interest saving and debt is consolidating options for you. Call us now for an obligation free home loan review on 02 8321 8895