One of the most common motivations for someone to engage a mortgage broker is to refinance an existing home loan.
When you refinance your home loan you are essentially repaying it and replacing it with a new loan - from your current lender or a new one.
People often refinance their home loan for the following reasons:
- To lock in a better interest rate and therefore reduce their monthly mortgage repayments.
- To switch from a variable home loan to a fixed home loan (or vice versa).
- To access the equity in their home, possibly to undertake some renovations or purchase an investment property.
- To streamline all borrowings (car loans, credit cards, personal loans etc.) through consolidating all the debt into a single, low rate home loan.
If you have any further questions about refinancing your home loan, or are ready to discover your best options please contact Mortgage Choice Cheltenham on 9585 7779 or our website: Mortgage Choice Home Loan Health Check.