If you are thinking about taking advantage of the current very cheap interest rate products out there, but already have a home loan, perhaps it’s time to look at refinancing.
Mortgage Choice has put together this very quick and easy to follow 'Money Chat' visual guide that explains exactly what refinancing is.
No time for videos? What is refinancing:
Refinancing is the process of paying out your current home loan by taking out a new loan. You can either stay with your current lender, or switch to different one that may offer a lower interest rate, or will help you reduce your monthly repayments.
To ensure you are refinancing for the right reasons, make sure you check that the long term savings clearly outweigh the short-term costs involved. Check out our blogs on refinancing for more detailed information:
Free home loan health check:
To determine if refinancing is the right option for you, Mortgage Choice brokers offer a free home loan health check service. There is competition out there for your mortgage between lenders. You might be surprised by the different choices available to you.
The home loan health check basically lets your broker see if your current loan is still the best one out there for you, and/or checks if there Is a loan product out there more suited to your budget and needs, and even better, is at a potentially lower cost to you.
With interest rates remaining at historic lows, it makes sense to see if refinancing could work for you.
Ready to chat money?
Book your free home loan health check with Daniel Meade - Mortgage Choice.
Phone 07 3833 9666,
Or simply click on the contact us tab on this page.
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Daniel is looking forward to helping you refinance and save today. Thanks for reading our blog.
This article is for general information purposes only. It has been prepared without considering your objectives, financial situation or needs. You should, before acting on the advice, consider its appropriateness to your circumstances.