Refinancing | Mortgage Broker in Cessnock, Central Coast, and Maitland
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Why should you refinance your home loan?
Refinancing your loan is a process that allows you to replace your current loan with another available on the market. Refinancing is done for a lot of different reasons, but paramount amongst them is to simply save money.
People save money by refinancing their home loan when their loan is no longer competitive with the offers available on the market. By replacing your loan with another that has a lower interest rate, you can save potentially thousands every year.
Other than saving money, by refinancing your home loan, you’re also able to access your equity. Accessing your equity allows you to put down large deposits for new opportunities, such as investment properties, without tapping into your current savings.
Refinancing your loan is a process that can bring great benefit to your financial situation and future goals; however, it is extremely complex, and without thorough planning beforehand, you can potentially find yourself in a less favourable position than before.
If you’re ready to refinance your loan to reap the benefits, reach out to your local mortgage broker, George Wilson, to ensure your success.
What are the potential pitfalls of refinancing?
Although refinancing can be the source of great financial and future gain, there are certain factors to be aware of before you proceed. First and foremost, when refinancing, it’s important to have a detailed understanding of why you’re refinancing and your current financial situation.
If you’re refinancing to consolidate your debts, you’ll need to understand what your current debt sources are and if they are to be consolidated. If they can be consolidated, you may discover there are several unknown fees, such as exit fees, that may be required to be paid. Without a prior comprehension of your debts, how they are structured, and their potential fees, you can put yourself in a sticky situation.
In the case where you’re looking to refinance to lower your interest rate, it’s vital to understand what the current market conditions are and if you’re eligible to be approved. If you refinance your loan and discover you’re unable to get approved for an available loan with a lower interest rate, you’ll end up having to pay more than you initially would have. Alongside this, loans come with unique features that you may be missing out on if you’re not aware of both your current loan and available options.
With so many factors to consider, it’s vital to have a trusted mortgage broker by your side as you navigate refinancing. Brokers can take all the important information relevant to both you and the market to guide you towards the best possible for your situation.
To connect with Mortgage Choice’s premier broker for the Hunter Valley, connect with George Wilson today.
Learn more about your refinancing options with George Wilson - 0413 473 005.
George is experienced in all areas of the property market, including but not limited to:
