04 Nov 3 Signs It Might be Time to Refinance
Refinancing is the process of taking out a new loan, which has better terms that improve your finances. But when do you know it is the right time?
The pandemic has changed the way we live in one way or another. This includes changes in the financial situation for some. Whether your goals have shifted and you’re interested in cashing in your home equity, here are three major signs it might be time to refinance.
You have been with your current lender since forever.
By comparing lenders, you may find that some can give you better benefits than others in the form of interest rates, terms, customer experience, or features. Because interest rates are at a record low, lenders are in tight competition. If you’ve been with the same lender for years, chances are you’re probably missing out on a better deal elsewhere.
There are changes in your personal circumstances.
When did you take out your mortgage? What has changed since then? Did you change jobs or get promoted? Have your living expenses changed? Have an addition in the family? Right now, think of your financial goals when you took out your current loan— have they changed? It is important to consider these factors when choosing the right home loan for your current situation.
You have so many debts.
Struggling to pay off your debts? Debt consolidation could be the answer. This strategy involves refinancing your mortgage and using some of your equity to pay off your debt. Talk to a professional broker to see if it’s the right route for you.
Is it time to refinance?
Before you can decide, I’m more than happy to review your home loan. I could help you delve into what this means for your financial position. Speak to me today to know where you stand!
Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.
This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges, and eligibility criteria apply.