What is Refinancing?

When life events, interest rates or your personal circumstance change one of the first things that we think of is our mortgage and the cost or affordability of our mortgage.

There are various lenders to choose from, both banks and non-bank lenders, and they are all wanting your business, so it does pay to talk to Elaine our mortgage adviser.

When you refinance your existing mortgage what you are doing is getting finance to pay off your current loan and replacing your loan with a new one. There is a cost to refinance, so it is worth looking into the long-term benefits of refinancing and do they out weight the cost.

There are few reasons why you would do this but, there are times when this may not be in your best interest, for example if you are on a fixed term rate. I would recommend you speak to Elaine at Allsure Financial Solutions to find the right solution for your refinance needs.

Some reasons why you may consider refinancing:

Lower Interest Rates

To negotiate lower interest rates is one reason why you would review and refinance your mortgage. By lowering your interest rate, you may be able to save money by paying less on your mortgage or better yet maintain the same mortgage repayments while reducing your interest rate will have your paying your mortgage off quicker.

Reduce Mortgage Term

When refinancing you may have the opportunity to reduce the term of your mortgage without much change to your monthly repayments. This means you may become mortgage free earlier than you initially thought.

Allsure Financial Solutions offers you an opportunity to review your current mortgage providing you with options to make the most of your property purchase.