Fluctuation in interest rates since your original home loan terms? Our advise- Refinance Home Loans. Refinance your existing loan to a new loan with a lower interest rate, thus lower interest amount and monthly payments.
What is Refinancing?
Refinancing can be a smart way of managing your funds. Depending on the options you would like to avail, It may offer you securing a better deal, consolidating your debts or unlocking equity in your current property. For eg. after having the original home loan product for a few years, you may start to be noticing fluctuation in interest rates and better deals appearing on the market and want to check if you can take advantage of them.
When looking for refinance, you generally want to increase, decrease, or keep the loan amount the same.
How does Refinancing Work?
The Process of refinancing a loan is very similar to the process of getting a new loan. You typically start with exploring and comparing interest rates of different lenders and see which has the best offer. After that you compare the costs of your current mortgage with your existing lender and its terms and conditions.
Since the time of your first approved loan, if there has been an improved credit score then you may have a good chance of qualifying for more favourable terms.
In the process, take expert advice from our brokers on what options are available to you. A broker will also be able to step you through the process of applying to refinance, along with any documentation you'll require. Once approved, your new lender will send a Letter of Offer and arrange settlement with your current mortgage provider.
