Property Refinancing
Refinancing is the best option if you are facing budget constraints and looking for a lower interest rate to repay your existing home loan. You might have chosen a suitable home loan when buying the property, but situations can change over time and so are your needs, which may adversely affect your budget.
You don’t necessarily have to stick to one lender for your entire life. You can review your home loan regularly to make sure the products meet your goals and refinance is an ideal way to do so. Our highly qualified mortgage brokers can guide you and help you refinance your home loan.
How Does Property Refinancing Work?
Ideally, you should consider refinancing every 3-4 years to get the best deal or hire our expert mortgage brokers, who can guide you best through the entire process.
Know Your Purpose of Refinancing
At first, you need to have a clear idea about the purpose of refinancing. Whether you wish to get a better interest rate or reduce your monthly repayments, knowing the purpose can help you analyse the desired outcome and choose the suitable product.
Analyse the Cost of Refinancing
There are certain fees you need to consider when refinancing, such as loan application fees, property valuation fees, mortgage registration fees and so on. The refinancing fees vary depending upon the product you qualify for.
Prepare Your Documents
When you choose to refinance, you need to prepare documents such as Home loan statements of the previous six months showcasing the total amount payable to the bank, building insurance of your home, credit card statements etc.
Look for Multiple Lenders through a Broker
Before refinancing, you may compare home loans on your own, but as mortgage brokers, we have tie-ups with multiple lenders and can help you find a suitable deal along with the best rate depending upon your situation.
Get Formal Approval & Complete the Settlement
Once you get hold of the right lender through our mortgage brokers, they will send you the loan offer documents for signature and from here onwards, the rest of the work will be taken care of by the lender.
Refinancing with a Qualified Mortgage Broker
Hiring a mortgage broker is the best way to proceed with property refinancing. With their expert insights and in-depth industry knowledge, the professionals can assess your financial condition and help you get the best deal depending on your situation. At Loan Solutions, we aim to simplify the property refinancing process and make it stress-free for our discerning clientele. Here’s how we can help you:
When you choose to refinance with us, we schedule an appointment at your convenience and during this meeting, our mortgage brokers take time to understand your property goals. To help you get the right refinancing solution, our brokers will guide you on the amount you can borrow and the repayment process.
How Can Refinancing Benefit You?
Depending upon your requirements, you can benefit from refinancing by:
- Getting a lower interest rate that can minimise the mortgage amount.
- Save on your monthly repayments
- Consolidating debt such as car loans, credit cards etc
- Securing competitive interest rates after fixing previous credit issues.
How to Calculate Your Borrowing Capacity?
To determine your borrowing capacity, first you need to know how much you can repay every month. For that, you need to analyse:
Your monthly income
- Your previous repayment records, including existing home loan repayments
- Other financial commitments which may include personal loans, car repayments, credit cards etc.
- Living expenditures, including household bills, school fees, council rates, insurance etc.
- Providing all these information to your mortgage brokers can help you find the right refinancing loan suitable for your needs. You may also take the help of our Refinance Calculators to see how much you can save by refinancing.
It all depends on your goals, so speak with a mortgage broker and schedule an appointment today!
