There are many reasons to refinance your loan. These include:
The costs associated with refinancing your home loan may include:
Qualifying for the best refinance rates depends on several factors, including your credit score, debt-to-income ratio, loan-to-value ratio, employment history, and the overall health of your financial situation. To improve your chances of securing better rates, focus on improving your credit score, reducing existing debt, increasing your income, and speaking with us to compare offers from multiple lenders.
You can refinance to fund renovations. To do this, you simply refinance to another lender, or a different home loan with the same lender, and borrow some extra cash to cover the renovation.
This involves adding extra to your initial loan principal, which can make the loan more expensive overall, but this can be a cheaper way of financing large-scale renovations than other options, such as a personal loan, which might come with higher interest rates.
If you have equity built up in your existing loan you can also use that.
Refinancing your home loan simply means taking out a new home loan with a different lender to replace your current home loan.
Things in life change – and that includes interest rates, your circumstances and goals. When they do, it could be time for your home loan to change too. It’s a way you could potentially save money, trim your mortgage and ultimately, get a better deal. You don’t have to go it alone – with a broker doing the legwork with your best interests at the heart of all recommendations, refinancing can be easier than ever.
Whether you’re looking to free up equity, consolidate loans, or you’re stuck in a rut with your current lender, refinancing your home loan with Brokered Financial Services can help you find the best refinancing deal for your unique circumstances.
