How hard is it to refinance a home loan? (1)

March 02, 2016
Lesley McGuire

Rest assured, refinancing your Richmond home loan can be both straightforward and financially rewarding.

Think about it. Interest rates are wafer thin. Competition between lenders is intense. Property values have soared in recent years. It all adds up to make now the time to review your loan to see if it’s still the best choice for you. If it’s not, refinancing can help you get a better deal.

What is refinancing?

Refinancing simply means replacing your current home loan with a new one. It can lower your monthly repayments and provide big savings on overall interest charges. Refinancing can also be a way to access home equity with the freedom to use the funds for a variety of purposes from debt consolidation to paying for the kids’ education. Either way, it’s worth looking into.

But Refinancing can be very straightforward. Despite the potential pluses of refinancing, many of the Richmond home owners I meet are concerned about the time and effort it could take to refinance their loan.

Sure, refinancing can be more time consuming if you decide to do it yourself. But with the backing of my team at Mortgage Choice Richmond it’s a far more streamlined process.

So what’s involved?

In a nutshell, refinancing starts with a look at your current loan and comparing it to what is available on the market. This is an area where expert help is valuable as your present home loan could be doing the job perfectly well.

If you could do better with a new loan we’ll help you decide the home loan best suited to your needs - our home loan service comes at no cost to you. From here, it’s a matter of completing a loan application.

The new lender will almost certainly want to conduct a valuation of your property, and one step I recommend is sprucing up your home a little prior to valuation. A tidy up of the exterior is usually all that’s required but it can mean a higher valuation.

The remainder of the refinancing process is pretty much plain sailing as the old loan is paid out and the new loan comes on board.

Expert help makes a difference

Of course there are circumstances when refinancing can be more complicated. At these times, having the support of a professional mortgage broker is essential. As Richmond home loan experts, my team and I have excellent relationships with lenders and this can make a real difference getting your loan application across the line.

To know whether refinancing your Richmond home loan is the right move for you, contact me, Andrew Heath at Mortgage Choice Richmond on 02 4578 9904 or 0411 550 600 (7 days) or call in and see us at Shop 1/37 Lennox Street Richmond, NSW.

Posted in: Refinancing

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