Refinancing basics

THERE has never been a better time to refinance your home loan especially now as rates have increased and lenders are offering more attractive deals in a bid to win new customers.

But whilst it is true that refinancing has the potential to help you reduce the costs associated with borrowing money, it is not necessarily the right strategy in every situation.

Refinancing your current loan may make sense for one or more of these reasons:

  •     If you want a lower interest rate and lower repayments.
  •     If you want a fixed repayment rather than one that can increase as interest rates rise.
  •     To consolidate your debts.
  •     If you want to use some of your home equity to pay for home improvements or other needs.

The better you understand your motivations, the easier it is to work with a lender or mortgage broker to discuss your refinance options.

In Summary

  •     The decision to refinance should only be made if the long term savings outweigh the initial expenses. Check with your current lender what it will cost to pay out your loan early.
  • Don't select a new mortgage based only on its annual percentage rate, look at the features and options that best suit your situation.
  •     To get the best possible refinancing deal, you'll need to shop around, crunch some numbers, and ask lots
  •     of questions.

OK so now you want to refinance what next?

Let a ratesonline broker contact you about refinancing.

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