Many people choose to undergo refinancing their home loans, as this can give them more flexibility and greater spending power. There are plenty of other good reasons you might want to refinance your home, but you might not be sure how to get it done.
At Perth Mortgage Brokers, we’re experienced in helping our customers refinance their home loans, so you can feel more relaxed that things are taken care of once you employ our services. Below you’ll find some information on refinancing your home and why it might be the right decision for you and your family.
What is Refinancing?
So, what does refinancing your home mean for you? Mortgage refinancing is the process by which you take out a new mortgage to replace your existing loan. This is often done through the same lender, but it’s perhaps more common to switch lenders. The market tends to be competitive, and lenders are always looking for ways to tempt new customers.
Many people choose to refinance their homes because they’re in a different financial situation from when they took the initial mortgage loan, they’re thinking of moving home, or they’re seeking better interest rates and other features based on improved finances.
Has Your Financial Situation Changed?
It might be wise to consider refinancing if your financial situation has changed markedly. Many people take on mortgages with unfavourable conditions or interest rates because their finances don’t allow for anything better, but eventually their income grows or the value of the property rises, granting more manoeuvrability.
Both of these situations give you more flexibility in how you interact with the market, and our team of advisors can work with you to find the way you can best exploit these new credentials. Lower interest rates, or better perks with a different lender? There are plenty of good reasons to revisit the market, and Perth Mortgage Brokers will help you do so in efficient fashion.
Renovating or Extending Your Home?
Many people take the opportunity to refinance their homes so they can wield greater spending power on other activities – and chief among these is home renovation. As you pay off your mortgage, or if the market sees you make gains in the value of your property, you will also have increased equity (ownership of something with debts attached to it). Essentially, because you have a more stable financial outlook, and a better foundation, lenders are willing to give you more because they see the risk as lower. You can use this new spending power on renovations, a holiday, a car – the flexibility is enormous.
Don’t Skip the Details
Although you might start seeing dollar signs when your home value increases or you have a greater income, it’s important not to ignore the details. Whether you’re considering a reverse mortgage refinance, or you’re looking at refinancing a mortgage for a rental property, there are possible charges and fees associated with making a change. We’ll ensure that you’re not coming out worse off by examining all the conditions and tallying up the pros and cons for you.
Refinancing can be both profitable and bolster your quality of life, but you need to be careful not to get ahead of yourself – at Perth Mortgage Brokers we'll make sure your interests are totally safeguarded.
Whether your trying to liberate cash in an existing property or take advantage of better rates, we're experts in the area of mortgage refinancing and can help you make the best decision. Find out how we can help you by getting in touch today. It's as easy as using our contact form or giving one of our team a call on 1300 543 116.
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