Refinance Existing Loans
What Is Refinancing?
Refinancing involves replacing an existing loan with a new loan that pays off the debt of the first one. The new loan should ideally have better terms or features that improve your finances to make the whole process worthwhile. The finer details of a refinancing can vary depending on the type of loan and your lender.
Why would you refinance?
- To get a better deal on your interest rate or to switch loan products to one with features better suited to you.
- To consolidate debts into one easy payment. Like Credit cards, personal loans, Car loans etc. often carry higher interest rates than home loans do, so it is possible to refinance your home loan to include these extra loans (depending on equity in your home) to allow you to save money on interest.
- To unlock equity in your home to fund the purchase of an investment property or renovations.
- To enable parents to assist their children purchase their first home.
How Refinance Works?
We will find out appropriate lenders offer with better loan terms than those contained in your existing loan that you would like to improve in some way.
When your refinance loan is approved, the new loan will pay off your existing home loan debt completely and welcome you to the new lender by completing the closing process. You would continue to make repayments on the new loan until you pay it off or refinance this loan again.
Refinancing Your existing Loan – Best Decision?
Refinancing a home loan is suitable for people who are looking for better rates in the long run. This allows you to make changes to your loan by toggling between a fixed or variable rate. You might also look to refinance by consolidating some other debts (like credit cards, car loans and personal loans) into your home loan.
Having said that, refinancing may not always be an appropriate decision for you depending upon your future goals, financial circumstances, and present situation. There may be other financial methods that can be of greater benefit.
With Mutual Loan & Finance, refinancing your existing loan has never been so easier. Our Personalise approach will assess your financial situation and compare various refinancing options available to best suit your interest.
Contact Mutual Loan & Finance for free consultation with our expert at 0433 233 220.
You can submit your details by link here or also mail us at: info@mutualloan.com.au
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ABOUT US
Mutual Loan & Finance represents a network of solution focused mortgages & loan providing firms in Melbourne, Australia. Since our humble inception, we have been offering top-notch finance services including Home Mortgages, Personal Loans, Commercial loans, Vehicle loans, Equipment finance & much more. We are well backed-up by an enthusiastic team and a wide panel of lenders.
Mutual Loan & Finance Pty Ltd
ACN:- 649 725 351
ACR:- 515377
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