Refinance your Home Loan
Providing Refinance Solutions in Berwick, Frankston and Beyond
If you are one of the many people in the areas of Berwick, Cranbourne, Frankston, and Mornington who believe they are paying far too much on their current home loan, it’s probably time to consider a refinance solution. If other lenders and banks cut their interest rates whilst you are still bearing the strain of a high-interest repayment, it is definitely a good idea to consider paying a lower monthly rate through a refinance solution.
Why Refinance? What to Consider Beforehand?
Refinancing your mortgage is the perfect strategy for people looking to minimize their repayments and save on interest rates, but before enlisting Will Bell Mortgage Broker to help with refinancing, you should consider the following:
- The question is whether there are any existing costs attached to your current home loan.
- If the attached exit costs are larger than the savings you stand to make when you refinance, there is no reason to refinance and receive a new loan.
- If you refinance, you might have to repay the loan over a longer period. Does this mean you will have to pay more if the loan is extended over such a period?
So, Are You Ready to Refinance?
When a Refinance solution is done correctly, you can definitely reap the benefits of lower repayments. Will Bell Mortgage Broker can help you make the transition to a new loan if you are unhappy with your current lender or bank. We are a team of professional mortgage brokers who will assist you in gaining the access to a superior home loan that will allow you to pay off your mortgage faster and for a better rate.
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FAQ'S On Refinancing Your Mortgage
Loan refinancing refers to the process of taking out a new loan to pay off one or more outstanding loans. Borrowers usually refinance in order to receive lower interest rates or to otherwise reduce their repayment amount.
Refinancing can be a great financial move if it reduces your mortgage payment, shortens the term of your loan, or helps you build equity more quickly. When used carefully, it can also be a valuable tool for bringing debt under control.
Refinancing will hurt your credit score a bit initially, but might actually help in the long run. Refinancing can significantly lower your debt amount and/or your monthly payment, and lenders like to see both of those. Your score will typically dip a few points, but it can bounce back within a few months.
Historically, the rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. However, many lenders say 1% savings is enough of an incentive to refinance. Using a mortgage calculator is a good resource to budget some of the costs.
They’ll look at your income, assets, debt and credit score to determine whether you meet the requirements to refinance and can pay back the loan. Some of the documents your lender might need include your: Two most recent pay stubs. Two most recent W-2s.