Everyone talks about how you can save money by refinancing but how much can you really save and how does it work?
One of the biggest financial mistakes homeowners make is sticking with an outdated home loan. A recent client of ours discovered they were paying a higher-than-necessary interest rate. By refinancing, they shaved years off their loan term and saved $20,000 in interest!
Refinancing allows you to take advantage of lower rates, better loan features, or debt consolidation, overall, you too can save money by refinancing. If your loan is more than three years old, it’s worth reviewing your options to see how much you could save. Contact us today for a fee-free home loan health check.
How Refinancing Works
Refinancing involves replacing your existing mortgage with a new one, ideally with better terms and a lower interest rate. The process includes assessing your current loan, comparing new loan options, and working with a broker to secure the best deal.
Key Benefits of Refinancing:
- Lower Interest Rates: A reduced rate can lead to significant long-term savings.
- Reduced Loan Term: By securing a better deal, you may be able to pay off your loan faster.
- Access to Home Equity: Refinancing can allow you to access the equity in your home for renovations or other financial needs.
- Debt Consolidation: Combine multiple debts into a single, more manageable loan with a lower rate.
There are some really important things to consider before you jump ship, the cost of moving, your long term plans and keeping your current loan term to ensure you are saving money. For this reason at 360 Mortgage Solutions we make sure we tailor our advice to maximise your savings now and build your financial security in the long term.
If your loan is more than three years old, it’s worth reviewing your options to see how much you could save. This will not always mean moving to a new lender, in some cases we can secure you a discount with your current lender, Contact us today for a fee-free home loan health check.