Refinancing helps you to get cash out from your home’s equity to work on that renovation project you’ve always wanted to do. It is the process of paying off your present mortgage with a new mortgage. Typically, you refinance your mortgage to consolidate various debts into a single line of credit which can reduce the interest rate from 20% to 2%, lessen your interest rate and monthly payment or adjust your mortgage’s length (or term).
- Benefits of Refinancing
- Why choose us?
Depending on the kind of loan you are eligible for, refinancing might offer the following benefits:
- a lower rate of interest (APR)
- a lower monthly payment
- a shorter payoff term
- the ability to cash out your equity for other uses such as home renovations, buying investment property, higher studies for children, etc.
Refinancing provides the opportunity to direct some of the cash from your home’s value toward other costs.
Before you refinance, have a careful look at your economic situation and ask yourself: For how long do you plan on living in the house? And how much money will you save by refinancing? We would be happy to look at your current mortgage interest rate and provide details on whether refinancing is right for you.
If you own a residential property, you would typically consider remortgaging in one of the following situations:
- The fixed interest rate deal for your existing mortgage is about to end. Usually, fixed mortgage rates are priced between 2 to 5 years, and if you are close to the end of this benefit period, you can seek a new deal.
- Your lifestyle has changed: The mortgage you took a few years ago may not satisfy your current needs any longer, so you may want to rearrange your mortgage to pay more per month or reduce the term. Our experts will assess all your details to help you obtain the right mortgage and your situation.
- Your assets have significantly increased in value. If you get to know that the market value of your home has appreciated considerably since you took out the mortgage, you may think of moving into a lower Loan to Value Bracket (LTV). A lower LTV can help you save, thanks to a lower interest rate.
- You have plenty of home equity and want to reinvest or buy a second home and finance all or part of it at the ultra-low rates that come with primary home financing.
- You want to release equity from your home for reasons such as home renovations, debt consolidation, or investment. Perhaps a further advance on your current mortgage with your present lender is not an alternative, so you may want to remortgage with a new lender to raise the extra money.
We take away the nuisance from remortgaging by looking after the whole switch-over method from start to finish. Mortgage Diligent has access to the entire mortgage market, and we will shop around with more than 50 top lenders to get you the best rate to ensure substantial monthly savings. With many years of experience in the financial sector, our experts have a thorough knowledge of the mortgage market.
We will describe everything in detail and in a jargon-free manner to help you fully understand all of the implications and benefits. Our mortgage brokers won’t just lead you about your mortgages. They will also look at your wants for life insurance, income protection, buildings, and contents cover, etc., to ensure you and your family are fully guarded. Doing good work is extremely important to us, and we are thrilled to have so many happy customers.