Refinancing | Mortgage Broker in Oran Park, Picton, and Menangle
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What is refinancing, and why is it important?
If you have a loan, it’s common, as time passes, to discover that there are better deals available on the market, making your loan feel less valuable by comparison. This is a natural part of loans, and the majority of the best loans available are reserved for newcomers making their way into the market.
However, you’re not stuck with a loan if you’re not happy with it. Refinancing allows you to replace your loan with another, meaning you can keep your mortgage competitive throughout its lifespan. Some of the primary reasons people refinance their loans include:
- To secure a loan with lower interest rates
- To change lenders
- To access their equity
- To consolidate debt
Refinancing isn’t as simple as it sounds, unfortunately, as it takes an acute understanding of your current financial situation to execute effectively. Refinancing without this knowledge can result in potentially putting your finances in a less fortunate position than they were to begin with.
If you’re considering refinancing or are curious if refinancing is a suitable option for you, get in touch with Macarthur's trusted mortgage broker, Dean Gee, on 0418 206 337.
How to make the most of refinancing
One of the common mistakes people make when refinancing their home loan is not making the most of the opportunity. As mentioned, refinancing can allow you to do a plethora of actions, including accessing equity and consolidating debt.
Accessing your equity is a very important part of the property ownership process, as it is a key pathway to expanding your property portfolio. Equity is the difference between the value of your property and the amount remaining to be paid on your mortgage. It is built up over time, usually, and can be used in place of a typical deposit for another property. With this in mind, if you’re looking to refinance but are also considering expanding your owned properties, it may be wise to sync these actions together.
Consolidating your debt allows you to streamline your current debts into one easy-to-manage payment. This can allow you to set a more stable budget, and if done correctly, has the potential to even lower your total remaining debt owed through a competitive interest rate.
Refinancing is a huge process within the property market, which can be of massive benefit when planned and executed in the right way. Brokers are experts at exploring options and can make your refinancing journey one that isn’t just a financial blessing but a stress-free process, too.
For expert guidance on your refinancing options, reach out to Dean Gee today on 1300 256 770.
As your mortgage broker for the Macarthur region, Dean can assist with a wide range of property and finance topics, including but not limited to:
