Getting The Most Out Of Refinancing Your Loan
If you think a mortgage is a “set and forget” type of deal, think again!
If you’re thinking of refinancing, why not deep dive into your current situation to get the most benefits?
If you think a mortgage is a “set and forget” type of deal, think again! Most banks will let you refinance your mortgage loan after approximately 12 months (though this varies per bank and depending on the features of the loan). This is great for borrowers who have been looking for a better deal on their loan, as refinancing can save them thousands of pesos throughout the duration of their mortgage!
If it’s been a while since your loan started, think about the following: Has your family grown? Have you switched jobs? Have you bought or sold an investment property? If your lifestyle or situation has changed since you made your very first repayment on your loan, it’s a good idea to take a look at alternative loans just to make sure you’ve got the best deal for you.
Remember: when it comes to your own finances, you’re the expert. But there are a few things to consider before you switch home loans to help you make the right decision.
The greatest reason people refinance is because of the savings they can gather from a new loan. Whether that’s a lower home loan interest rate, improved loan features, or lower fees, any of these changes could help you get ahead financially. Some people choose to refinance to consolidate their debts from credit cards, personal loans, or auto loans into a single loan, which can save money.
There are many reasons why you should consider refinancing and these are just a few of them. You are the expert in your own finances, but if you need guidance or assistance consider using a mortgage broker to help you.
If you think a mortgage is a “set and forget” type of deal, think again!
If you’re thinking of refinancing, there are many things to consider before committing to a fresh loan.
A refinancing loan is a type of loan that replaces your current home loan with a new one that has more desirable terms for you.
There are many myths about refinancing, but there’s no reason to believe any of them.
If you think a mortgage is a “set and forget” type of deal, think again!
If you’re thinking of refinancing, there are many things to consider before committing to a fresh loan.
A refinancing loan is a type of loan that replaces your current home loan with a new one that has more desirable terms for you.
There are many myths about refinancing, but there’s no reason to believe any of them.
*This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and if necessary, seek appropriate professional advice. Interest rates displayed are dependent on qualifying for a home loan with your chosen Bank. We cannot guarantee clients will avail the advertised rate.
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