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Refinancing Mortgages

Thinking about refinancing your mortgage?  Are you interested to see if you can get a better deal?  Talk to a Local Melbourne Mortgage Broker and find out if it is right for you.

When you refinance, you change the terms of your home loan with a new loan.  This may be because the new loan has a lower interest rate or because you want to change from a variable rate to a fixed rate.  Circumstances change over time for many people, and so it is common for borrowers to want to look at possibly refinancing their mortgage at some point during the life of their loan.

Interest Rates keep falling.

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What are the main reasons to refinance?
  • One reason borrowers refinance is to get a lower interest rate than currently is being paid which can potentially save money.
  • Change your repayments to a lower amount if you are struggling to keep up with the mortgage payments
  • Refinancing can free up cash for other projects and help cover major expenses such as a renovations, a holiday or a second property
  • You can refinance in order to consolidate your debts.  By paying off your credit cards or other personal debts via your mortgage, you can pay off the debts with a lower interest rate than the rate of your credit card


Considerations
Look at whether the lower interest rate will actually save you money, as the lower rate may come with higher fees or less flexibility.  If the lower rate seems tempting, step back and consider the loan as a whole first.  The new loan should fit your lifestyle and benefit you and your financial goals.


Consider carefully the exit fees that are usually charged to release you from your current loan, as these can add up to several hundred dollars.  Ensure that the costs at the beginning will be worth it in the long run.  For example, if all the fees add up to $1500 to refinance your loan, and your new loan saves you $150 per month, it will take you ten months to break even. 

A new lender will still need to consider your credit history as well as your current and future financial situation.  It may make more financial sense to refinance with your current lender.  You can ask your mortgage broker to negotiate a better deal on your behalf.

Finally....
Most importantly, the new loan has to work for you.  Whether you get a lower rate, better terms or more flexibility, the new loan should benefit you and your financial goals.  Don’t be afraid to ask questions, look around, and use an experienced mortgage broker to assist you.

Your Local Melbourne Mortgage Broker is skilled in refinancing negotiations, and is qualified to help you make the right decisions.  Call us today on .
 
 
 

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