What is refinancing?
Refinancing occurs when a mortgagee pays off their current home loan by immediately replacing it with another home loan.
The new loan can either be provided by the existing lender or be sourced from a different lender.
It is relatively easy to switch from one lender to another but there maybe costs involved. These will be determined by your financial circumstances and the amount of the loan. Some lenders do not charge existing customers to switch from one of their loans to another.
Refinancing is not something to be taken lightly. You must be sure that the benefits are genuine and preferably long term. It is important to know that the financial benefits of refinancing will outweigh the costs.
The team at Home Loan Republic can advise you about refinancing and, should you chose to proceed, can handle all the negotiations and paperwork on your behalf.
At Home Loan Republic, we regularly save our clients thousands of dollars by assessing their current home loan situation and taking advantage of better deals. Arrange your own Home Loan Health Check today and reap the benefits.
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