4 Reasons You May Want to Refinance Your Existing Home Loan

July 13, 2017
Jim Demetriou

4 reasons you may want to Refinance

Refinance to lower your interest rate. Interest rates are still at record lows. 30-year mortgage rates are below 4%. If your home loan is financed at a higher interest rate, it may be a great time for you to consider refinancing. You could literally save thousands of dollars just by taking the time to talk with me. I will do all the running around and all you need to is collate the necessary documents.

Refinance to lower your payment. Refinancing your mortgage at a lower interest rate could mean drastically reducing your payment and saving thousands of dollars in interest. Lowering your mortgage payment could also free up hundreds of dollars per month that could be saved or used to payout your loan faster. Although refinancing to lower your payment could increase the term of your loan, it could make sense in your particular situation.

Refinance from a Variable mortgage to a fixed-rate loan. Fixed rates are more closely linked to prevailing conditions in the money markets. However, if you are considering a fixed rate, you must take a view on whether variable rates are likely to rise during the time of your fixed rate. Before considering a fixed or variable rate it's important to consider:

  • Current variable rates
  • Current fixed rates
  • Where rates are heading
  • What loan features do you need?

Refinance to cash out home equity. Consider a cash out your against your home equity by refinancing your home. It may be a better option or financial strategy in some circumstances. For instance, it may make sense to cash out some of your home equity in order to renovate, buy an investment property, invest in shares or start a business. Most lender are offering cash out for all kinds of purposes.

Call me on 02 9525 0112 to discuss a solution for your needs.

Posted in: Refinancing

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