Refinancing | Mortgage Broker in Coolum, Yandina, and Nambour
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What is refinancing?
Refinancing is a process that allows borrowers to replace their current loan with another. This is an important practice to keep in mind as a borrower, as lenders over time can end up providing better deals and loan features that you may not have access to on your current loan. If you have a home loan, it’s recommended that you check out the current market every 2 or so years, to ensure that your loan is still competitive in the market.
This leads to the common question: How can you tell if your home loan is competitive?
You can determine if your loan is competitive by comparing it to loans on the market, making sure to note the interest rates, loan features, and flexibility between open loans and your own. If you’re noticing that loans are the market are looking better, it may be time to refinance.
With a mortgage broker by your side, you can check that not only is your loan competitive, but you can have the cream of the crop at your disposal when refinancing with the unique offers mortgage brokers can receive.
If you’re considering refinancing or would like to learn if refinancing is the right move for you, reach out to Coolum’s finest broker, Michael Smith.
What are the benefits of refinancing?
Refinancing is a complicated process, as although obtaining a more competitive loan is typically the primary goal, there are other options available when refinancing that can benefit you greatly. For example, when refinancing, you are able to:
- Swap lenders entirely
- Access your equity for new purchases
- Consolidate multiple debts into one streamlined repayment
Accessing equity is a great way to purchase another property, which can save you tens of thousands in a deposit. Equity is not always the easiest thing to access, which makes refinancing a very intriguing option for investors.
However, although refinancing comes with many opportunities and benefits, it’s important to know that some aspects can be detrimental. There are exit fees associated with leaving your current loan, and should you consolidate your debts, chances are you could be having to pay more every month due to increased interest rates.
With the help of a mortgage broker, you can navigate refinancing without confusion. Brokers, like Michael Smith, are experienced in knowing what your options are and how best to navigate them to ensure you only reap the benefits of refinancing.
If you’re ready to start your refinancing journey, reach out to Michael Smith, mortgage broker for Coolum, Yandina, and Nambour.
If wondering whether refinancing is an option you should consider, connect with Michael Smith today on 0489 012 080.
Michael is experienced in all areas of the property market, and can assist with navigating:
