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Act Now and Take Advantages of These 5 Opportunities:
1. Save thousands:
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.
2. Lower your monthly payments:
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.
3. Consolidate your debts:
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.
4. Provide spare cash:
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.
5. Pay off your mortgage sooner:
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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