Refinancing | Mortgage Broker in Altona, Wyndham Vale, and Laverton
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What is refinancing?
Refinancing is the process of replacing your current loan, usually a mortgage, with another. It’s a critical process to be aware of as a homeowner, as it allows you to keep your current loan competitive within the market and ensure you’re getting value throughout the entirety of your mortgage.
Some of the major benefits and reasons people tend to refinance their loans include:
- Saving money on interest rates
- Changing lenders
- Wanting new loan features
- The opportunity to consolidate debt
- The ability to access equity
Although it sounds simple in concept, the process is anything but. Refinancing involves a detailed knowledge of your current finances, your current loan’s terms and conditions, and the available loans on the market.
It’s always recommended to refinance with the guidance of a mortgage broker, no matter what your property market experience is. Shashi is well-versed in the refinancing process and will provide you with the necessary advice to gain the most value possible, should refinancing be the right option for you.
Call 0424 779 780 to connect with Shashi and start saving on your interest rates today.
What is equity, and why is it important?
When refinancing, you will have the opportunity to access your equity built up on your current mortgage. Equity is the difference between what a property is currently worth and how much is remaining to be paid on the mortgage.
For example, if a property is valued at $500,000 and the amount owed on the mortgage is $300,000, then you would have an equity of $200,000.
The reason that equity is important is that it can be used for down payments/deposits on future properties. This is how a lot of investment portfolios are started, and can be the gateway to financial security that many Australians strive to achieve.
To start the process of valuing your property to establish your equity, be sure to reach out to your local Mortgage Choice broker for Altona, Shashi Velpula.
If you’re curious about what your equity is currently valued at and what your options are as a result, reach out to Shashi Velpula on 0424 779 780.
As your Mortgage Choice broker for Altona and the surrounding suburbs, Shashi can help with any property or finance inquiries you may have, including:
