Wednesday 8th May 2019
Life changes, and so does your financial plan. There are many reasons why you might consider refinancing – perhaps you are looking to get lower rates, consolidate your debts or make a major purchase with your equity. Whatever your reason is, it is a good idea to step into the process armed with knowledge. If you’re looking to refinance to another loan, here are the things you should consider.
Refinancing can allow you to reconstruct your mortgage. Moving into a new plan can help you access lower interest rates and lower repayments, save money, lengthen or shorten your loan period, switch loan types from fixed to variable or vice versa, consolidate all your debts into one loan, and get access to your home equity.
Should You Refinance?
When it comes to refinancing, your decision shouldn’t be based solely on lower rates. Refinancing may or may not be a good move depending on a number of factors. Refinancing may be your solution if you find yourself in one or more of the following scenarios:
How to Refinance
The process of refinancing is similar to that of standard loan application. Start by speaking to a broker about your financial situation and current loan.
From then, your broker will research the market to figure out your options. Once we find a new plan that suits, we will help you with your application. The lender will then assess how much they can lend you.
Should your application be approved, your new lender will arrange the transfer from your old creditor and help you settle into your new plan within two to four weeks. And that’s it – you’ve refinanced!
Need help sorting your options for refinancing? Call us for a chat.