Refinancing | Mortgage Broker in Park Ridge, Beenleigh, and Jimboomba
Start your home loan journey today
How does refinancing work?
Refinancing is a term used to describe replacing a current home loan with a different one. It can be a very beneficial process that can allow for large savings over the long term of your loan. However, it’s important to take into consideration all the factors involved, as refinancing at the wrong time or for the wrong reason can potentially leave you in a position less favourable than to begin with.
Knowing what to look out for before refinancing can mean the difference between saving thousands on your interest over the years, or spending more than you initially should have by choosing a loan that’s not suitable for you.
Certain things to look out for when refinancing are:
- Current market loan interest rates
- Loan features available, and whether they’re right for you
- Potential exit fees on your current loan
If you’re looking to refinance and would like a helping hand, reach out to Vang today.
What are the benefits of refinancing?
Refinancing your home loan can allow for more than simply saving money. It can be an extremely useful tool that can allow you to purchase another property, alter your budget, and even allow you to access new loan features that your current loan may not have available.
Some of the other main reasons people refinance their home loan are:
- To access equity
- Consolidate numerous debts
- Switch to a more competitive loan
- Switch lenders to accommodate new/altered goals
If you’re wondering if refinancing is the right move for you, book a time with Vang this week and discover if you could be saving today.
As your mortgage broker for Park Ridge and the surrounding suburbs, Vang can help with:
