Refinancing may help you to own your home sooner by decreasing your current repayments and shortening your loan term. The process involves paying off your original mortgage and replacing it with another one and has also become much easier to do in todays competitive home lending market.
Benefits of refinancing include:
✓ Lower interest rate
✓ Decreased monthly repayments
✓ Unlock equity in your home
✓ Consolidate your debt
Debt Consolidation works by combining all personal debts such as car loans and credit cards into your home loan which generally has the lowest interest rate. Because the interest rate is lower, and the loan term is usually longer, your monthly repayments will drop, giving you some breathing space.
If you have had your current home loan for a number of years or if your financial situation has changed, it may be a good idea to re-evaluate. Your home loan rate should include all the flexible features and ad-ons you require to help you achieve all your financial goals.
Contact us today to find out if refinancing could benefit you.