Refinance
The chances are if you have had your home loan for more than three years, then it's costing you more than it has to. There are a number of reasons why refinancing your loans might be better for you. Here are the 4 most common reasons.
Lower Rates
The most common reason for people to refinance their home loan is to get a better deal but you need to consider fees and be sure that in refinancing that you’ll be better off in the long run after taking into account all costs.
Greater Flexibility
Many people only discover the full details about their home loan when it’s too late. They try to do something and get told that either they can’t do it, or they will incur a hefty charge if they do. So many people refinance their home loan to give themselves increased flexibility. Renovations If you carry out renovations, it often makes sense to refinance your home loan and take out a construction loan so you only pay interest as building progresses. Once construction is over, it might make sense to refinance your home loan again so that you consolidate the total amount you owe into a loan that minimises your interest bill, while giving you a degree of liquidity.
Home Equity
Over recent years in the property market houses have appreciated at a significant rate. Refinancing your mortgage with a home equity loan might let you tap into that extra equity.
Household Cash flow
Some people find that on top of their home loan, other financial commitments put a strain on their household cash flow. If you’re under financial stress, consolidating and refinancing your loans can reduce your overall commitments and make your finances more manageable.
Lower Rates
The most common reason for people to refinance their home loan is to get a better deal but you need to consider fees and be sure that in refinancing that you’ll be better off in the long run after taking into account all costs.
Greater Flexibility
Many people only discover the full details about their home loan when it’s too late. They try to do something and get told that either they can’t do it, or they will incur a hefty charge if they do. So many people refinance their home loan to give themselves increased flexibility. Renovations If you carry out renovations, it often makes sense to refinance your home loan and take out a construction loan so you only pay interest as building progresses. Once construction is over, it might make sense to refinance your home loan again so that you consolidate the total amount you owe into a loan that minimises your interest bill, while giving you a degree of liquidity.
Home Equity
Over recent years in the property market houses have appreciated at a significant rate. Refinancing your mortgage with a home equity loan might let you tap into that extra equity.
Household Cash flow
Some people find that on top of their home loan, other financial commitments put a strain on their household cash flow. If you’re under financial stress, consolidating and refinancing your loans can reduce your overall commitments and make your finances more manageable.
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