When was the last time you assessed your loan?
Refinancing is the process of obtaining a new home loan to replace an existing one. By refinancing, you can potentially secure a lower interest rate, reduce your monthly payments, or access the equity in your home. There are many reasons why you may choose to refinance your home loan.
In the current economic climate of official interest rates rising in response to high inflation, many mortgage holders have been turning to brokerages such as Intro Finance to try and secure a better deal on their home loan.
A mortgage broker will be able to provide you with clear information on the advantages and savings from refinancing your home loan so you can make an informed and educated decision. You can refinance your home loan at anytime, however, you should consider any refinancing costs as well as your plans and goals.
Care should be taken if you are currently on a fixed rate loan or thinking about fixing your home loan rate as break costs may apply. It is important to discuss your plans and goals before making a decision to refinance your home loan. There are no limits as to how often you can refinance your home loan, however, you should take into account the time and costs of refinancing. If you have been placed into a well-priced home loan which suits your needs and requirements, most borrowers would refinance their home loan every 3 to 5 years.
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