Refinancing a home loan means taking out a new loan to replace your existing loan. This could be done with your current lender or a new lender. The purpose of refinancing is usually to obtain a lower interest rate, reduce monthly repayments or change loan terms, use equity from an existing property (equity is defined as current value of the property less amount owing on the loan).
By refinancing your mortgage to a lower interest rate, you can potentially save thousands of dollars over the life of your loan.
Refinancing gives you the opportunity to choose a loan product that better fits your current financial situation and goals.
Your home is likely one of your most valuable assets. When you harness its equity through home loan refinancing, you could achieve personal financial goals or even build additional wealth.
Follow our 7 Step Guide of Refinancing:
1. Understand the costs involved and the reasons why you are looking to refinance.
2. Figure out how much equity you have in your existing property.
3. Get your Documents ready.
4. Shop around different lenders and offers available through your broker.
5. Obtain Conditional Approval.
6. Order Valuation and Obtain a Formal Approval.
7. Complete your Settlement and Set up your new loan.
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