Refinancing refers to replacing or extending an existing loan (in this case a mortgage loan) with funds either from the same lender or from a different one.
The process for refinancing a mortgage depends on the type of your home loan and your lender. But in general, it looks like this:
IMPORTANT: Be sure to check if your present lender charges a prepayment fee when you pay off your current loan too early. If yes, you need to compare the costs of the early repayment charges against the possible savings you can receive from mortgage refinancing.
Many homeowners choose to refinance their mortgage in order to:
Mortgage refinancing is a crucial financial decision that you should not take lightly. That is why it is recommended that you do this with a licensed Sydney mortgage broker. Working with a professional can help you:
The Mortgage Brokers at Shop Your Own Mortgage are experienced in debt restructuring to refinance almost any home loan. Try us out!