Is it time to refinance?
As interest rates have reached an all time low, coupled with recent changes in the investment space homeowners might be thinking “should I refinance my mortgage?”
In today’s home loan market, banks are super competitive and offering new features with great flexibility. Even if you’ve had your existing mortgage for a few years, it makes sense to check that you’re still on the best option for your needs.
Reasons to refinance
Refinancing is the process of replacing your current home loan with a new loan – either through your present lender or a different lender. Refinancing your mortgage can offer a range of benefits. It can be an opportunity to secure a lower interest rate with potential savings in monthly repayments and reducing the total interest costs. It can also mean enjoying improved loan features that may help you to pay off the loan sooner.
There are other circumstances when a home loan refinance makes sense. It could be a way to tap into home equity to achieve personal goals like the purchase of an investment property or a new car. A home loan refinance could also be used to streamline your personal finances through debt consolidation.
Some home owners simply find their household circumstances change over time. Whether it’s a growing family, a new job, or maybe just a change of pace, your loan should always keep up with your life.
Many home owners are surprised at how straightforward refinancing can be – especially with the help of a mortgage broker, who can oversee the whole process.
Nonetheless, refinancing may incur additional costs, so it’s a decision that calls for careful consideration. A free home loan Health Check by a mortgage broker could be the starting point to knowing how your current home loan is tracking.
A mortgage broker will evaluate and compare your loan with hundreds of others, taking into account rates, fees and features to make sure you have the loan that’s most appropriate for you.
With interest rates at historic lows, your mortgage broker is there provide answers to your questions about whether now is the right time to refinance.
Contact us today – Nathan Vecchio – 0410 000 689