Your home loan is a key impact on your life. Probably, it’s the biggest financial decision you will ever make. However, over time, you might think about refinancing your mortgage for various reasons.
Refinancing a mortgage is a method to replace it. Usually it’s because you want a better rate. It might be that you want to change the life of the mortgage outstanding. It could even be that you want better customer service. Everybody has different reasons.
Refinancing a mortgage is a tool for borrowers. However, today, it is not that easy. Refinancing your mortgage can make sense but study your reasons and take advice before doing anything.
Just consider your reasons why:
- Your lenders rate is no longer competitive
- A major change occurs in your financial situation making existing loans difficult
- Your need some cash to provide for personal projects
- Switching to a fixed rate could be a smart move. Capital Debt Solutions can advise you.
- You want to consolidate credit and other card debts
- You want to replace high interest loans
As you can see, refinancing can make sense. It might be a route to follow for convenience, cost savings and a chance to achieve a personal goal. However, look at what exit fees your existing lender charges.
Now refinancing your mortgage might be attractive but your credit history is difficult. It might restrict you. Nevertheless, talk to Capital Debt Solutions who can be a great help in refinancing and hear about your options.
When Mortgage Refinancing might not make sense:
- Future ownership of the property is short time
- Prepayment penalties on your existing mortgage are high
- If you have a poor or changed credit history, it will affect the rate offered.
- Future income is uncertain
- Your loan balance is low and you are not thinking of withdrawing available equity.
Think through your reasons and set a goal. Be prepared because everybody will ask you….WHY? If your credit history is a problem then contact Capital Debt Solution today. Help for many Australians every month, who thought they had no options and were stuck, came from these specialists. They know who and how to speak to lenders for your benefit.
TIP…..consider your circumstances over the next three years.
Just chasing lower interest rates is not enough for refinancing a mortgage. Remember as well, that tax comes into the action. Therefore, you need good advice and information.
Getting started to refinance your home loan/mortgage
What is refinancing.
Refinancing let’s you change your home loan to suit new circumstances. It is a method of paying out your current mortgage by taking out a new home loan, probably with a new lender. Sometimes you will see it called ‘Loan Switching’
If you have an itch to switch then talk to us – Capital Debt Solutions. Click here to message us or call us now on 1300 107 155 or 07 5474 4450. Together we will produce a plan that suits your financial circumstances to achieve your goal.
Together we will produce a plan that suits your financial circumstances to achieve your goal.
We work with you every step of the way. We have helped many Australians and could be helping you today.
Putting the plan into action.
All the actions you took to get your original mortgage are repeated with refinancing. Study the lenders’ choices. A broker can do this for you and it saves time and legwork. In addition, a broker explains the technical bits in simple language. Remember everybody will need –
- Recent pay slips
- Your existing up-to-date home mortgage statement
- Council rates notice
- Insurance details
There might be some difficult questions to answer. However, they lead to a better, brighter future. Capital Debt Solutions are specialists. Take advantage of their experience, knowledge and help.
How will refinancing my home loan benefit me?
Here are a few benefits of mortgage refinancing:
- You get peace of mind with a lower or fixed rate.
- Your monthly repayments reduce
- You get flexibility to pay off the mortgage faster
- You can consolidate other debts – credit cards, personal loans etc
- It will unlock cash in your home to finance renovations, upgrading, or buy another property
- A new lender might have a flexible repayment scheme
- You might be able to make weekly instead of monthly repayments which puts your mortgage on to a fast-track to completion.
- A new lender might provide a choice of options, such as repayment holidays, offset accounts, redraw facility and more. Look around.
Mortgage Refinancing is best undertaken using an independent broker such as Capital Debt Solutions. Click here to message us or call us now on 1300 107 155 or 07 5474 4450 for fast debt help. Remember a lender is only going to tell you about their own products. An independent broker will offer a much wider choice. You need maximum advice and information. What is good today might be very costly and difficult in the future.
Tip…..Do Not “Rush In Where Angels Fear To Tread”. Get Specialist Help First.
Get in touch with us today.
Talk to our debt solutions specialist who will work with you and your creditors to get you back on track and rebuild your financial future.
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