Circumstances can change. Whether it’s financial hardship, the need for extra funds, or even a change in the market, there are many cases when mortgage refinancing can be a wise solution for a changing situation.
In a nutshell, refinancing is reviewing your current home loan agreement, and replacing it with a new one that better suits your needs. If you need access to more funds, it can be used to free up cash using equity. If there have been changes in the market or to your situation, you can use it to get a better, more suitable deal.
These are some of the main reasons people get their mortgage refinanced.
Freeing up extra spending money
When you need access to extra cash, you can refinance and use some of your home’s equity to access these funds.
Abolishing monthly fees
Some home loans cost you more by being setup with monthly administration fees. A refinance can help you get rid of these and leave you better off.
Putting yourself in a better position with a split loan
Do you have a fixed or variable interest rate? A split loan, which is part variable and part fixed, can give you the best of both financial worlds. You can make the most of interest rate decreases, while still having the security of a fixed rate if the interest rate rises again.
We place huge emphasis on educating our clients, so that they can be personally confident in their decision. Let us keep you updated with the latest information so you can reach your goals faster.