REFINANCING IS OFTEN associated with increases in investments or change in the level of risk.
In fact, refinancing can be a handy tool to find long–term personal savings and ensure your current loan is performing adequately.
A change in economic conditions and changing interest rates are all motives for a review of your current finances.
Current loan performance, the long–term viability of the loan and potential savings should be the focal points in reviewing your current loan terms. Quite often, homeowners are inclined to keep the status quo in response to uncertainty of other loan providers when there may be better options available.
The biggest consideration in contemplating refinancing is the current performance of your existing loan.
Some questions to ask include:
• Are you happy with current rates and performance?
• Do you feel like you are benefiting from current conditions and low rates?
• Are you unsure of where you are positioned in relation to other lenders and loan options?
You may also consider refinancing to consolidate debt. Multiple loans for personal reasons, cars, credit cards and mortgages all carry separate interest rates, fees and charges. Streamlining debt and managing a single repayment is both more manageable and economical.
Your local Mortgage Broker is available to help answer questions and provide a balanced assessment on refinancing.
Refinancing up close
By now you might be considering whether your loan needs a health check?
The best people to assist in reviewing your loan options is our helpful Mortgage Broker team. We can assist with:
• Developing a strategic approach and streamlining lending.
• Identifying the best deals available — including hidden conditions, associated products and costs.
• Assessing fees and charges of changing loans and weighing up potential savings.
• Evaluation of refinancing as the right strategy for you.
A revision of your current finances and lending options is a bit like checking a lottery ticket. Whilst it may not be essential it may just reveal hidden surprises that benefit your long-term financial health.
Call our office today for assistance in whether refinancing might be the right strategy for you