Refinance
There are plenty of benefits to refinancing. When you refinance you replace your current mortgage with a new loan — that means a new interest rate, new payment and new terms.
Is It Time to Refinance Your Home Loan?
Has your home appreciated? Are mortgage prices and interest rates lower than ever? If so, it may be an ideal time to refinance. To refinance, one of three situations should occur:
- Interest rates are dropping.
- Your home has appreciated.
- You still have a significant amount of time left on your loan.
When you refinance, you may have enough equity in your home to remove some cash. To do this, your new loan must be higher than the balance of your current mortgage. Cash-out can help consolidate debt, such as credit cards. Since your refinance loan is significantly cheaper than loans from your credit card companies, you’re saving more in the long run.
Benefits of a Refinancing
A home is an important asset and piece of your overall net worth. When you refinance you can enjoy benefits that include:
- Lowering your monthly payment — typically by over 25%!
- Build equity in your home faster!
- Change your type of loan to something more convenient and flexible!
- Manage your credit effectively!
- Access equity in your home to pay debts!
- Pay off your mortgage faster!
Get Started With Your Loan Refinance
Getting a refinance loan through Royal penny Financial Group Pty Ltd is simple. We take the guesswork out of getting approved and with our long list of lenders in our network, we can find the right refinancing program for you. Even if a bank has rejected you for refinancing your mortgage, we can help. We’re notorious for helping individuals with poor credit or no credit refinance their loans and manage their finances more effectively.