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1 Save thousands: |
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It
is possible to pay thousands
less on the life of your
mortgage by refinancing
to a better deal. Whether
you are able to secure a
home mortgage with a lower
interest rate, fewer fees
or more features to repay
quicker, saving money in
the long run is a real possibility. |
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Lower your monthly payments: |
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Are
you struggling to pay your
monthly mortgage payments?
Well, aside from changing
to a lower interest rate,
there are a few other options.
One is to refinance the
remaining principal at the
original length of the loan.
For example, say you borrowed
$200,000 on a 25 year term
and you are 10 years down
the track with only $125,000
left on the mortgage. If
your monthly payments are
too much, refinancing the
$125,000 back on a 25 year
term loan will greatly reduce
them. If it relieves you
of the stress of meeting
your bill month to month
it could be a very worthwhile
option. |
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Consolidate your debts: |
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Are
you struggling to manage
your debt? Paying way too
much in interest? One of
the easiest ways to handle
credit card and high interest
debt is to refinance it
into your mortgage. Simply
refinance what you owe in
total, including credit
card debt and all other
high interest loans, and
only pay the low interest
rate incurred by your home
mortgage. Let’s say
you still owe $100,000 on
your home mortgage and in
addition owe $20,000 in
other debt. You then refinance
for $120,000. This way you
can pay off the $20,000
that was incurring a high
interest rate, at the low
rate of your home mortgage.
Not only will this ease
your financial situation,
it will save you a lot of
money from interest you
now no longer have to pay. |
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Provide spare cash: |
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Do
you need some money? Want
to renovate to add value
to your property and/or
improve your living arrangements?
Well, refinancing is a great
way to gain access to the
equity sitting in your home.
Consider a switch to a Home
Equity or Line of Credit
loan as a way to do this.
This would allow you to
renovate your home, buy
that new car, or do anything
you like with the money. |
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Pay off your mortgage sooner: |
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Want
to own your home as soon
as possible? Or have you
had an increase in salary
and want to get your money
working more effectively
for you. Why not refinance
to a 100% Offset or an All
in One home loan? These
types of loans can greatly
reduce the amount of interest
you pay on your mortgage.
In addition to this, the
option to pay more each
month can greatly reduce
the time it takes you to
own your home. |
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