There are many reasons as to why refinancing your home loan can be the right move. For example, if you’ve been with your current home loan provider for a few years, then there is a big chance you’re not getting the best deal available on the market. For example, refinancing a home loan of $500,000 from 3.90% to 2.94% will SAVE you $5,000 EVERY year! However, there are a few more reasons to consider refinancing, check them out below.
Most of us want to save money each month and one way to do that is by switching to a loan with a lower interest rate. There’s no denying that a few hundred dollars saved can be a massive help each month. By refinancing, you can lower your repayments and shorten your loan term, helping you to own your home sooner.
By refinancing your home loan, you may be able to secure a better interest rate or more loan features. For many homeowners, your lifestyle may change over the years, so if you haven’t reviewed your loan in the past 2 to 3 years – now would be a perfect time. Many lenders have been reducing their interest rates, meaning you could lower your monthly repayments simply by refinancing your home loan.
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Refinancing your home loan may allow you to access some of the money that you’ve already paid off on your existing loan. With this, you could use that money to fund your next property, complete home renovations and so much more.
A big challenge of dealing with debt is the need to make multiple repayments to a number of different lenders. The beauty about debt consolidation is that it can reduce stress by consolidating all of your debt into one simple loan. For example, if you have a car loan, home loan and credit card, you could consolidate them into one loan – making the process much simpler each month.
In most situations, your home loan is a good option to consolidate all of your debt into, as it generally offers a lower interest rate compared to a personal loan or a credit card. By refinancing your home loan, it can provide you with an opportunity to find a more competitive deal and of course, reduce your overall debt situation.
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