6 Signs To Refinance Your Mortgage; According To The Best Mortgage Broker

August 8, 2021 By: Nfinity Financials0 comments

The best mortgage broker suggests that the current low-interest-rate environment has produced a perfect storm of refinancing benefits. While there are certain upfront expenses and risks associated with refinancing, it’s still worth investigating whether switching mortgages might save a borrower money in the short or long term.

Here are several indicators that it’s time to refinance your mortgage:

You’re considering redecorating your home.

Home renovations may be expensive, and for many people, it’s frequently more convenient to complete them all at once. Therefore, refinancing your home loan may allow you to access extra cash or take out a construction or renovation loan as part of the new arrangement.

You wish to put money into real estate or other assets.

Purchasing an investment property or other form of investment can be a lucrative long-term strategy.

You may also discover that you have paid down enough of your mortgage to be able to tap into the equity in your house for investing purposes.

Since this method carries many risks, it’s a good idea to get expert counsel from the best mortgage broker in Sydney before proceeding with the refinancing process.

You have FOMO (fear of missing out).

There has been much talk about Australia’s rising property market, with many first-time buyers feeling a sense of fear of missing out (FOMO) and racing to get their foot on the housing ladder. Existing homeowners may say the same thing as they see competing lenders offer lower interest rates.

If your interest rate is between 2% or 3%, it could be worth following your FOMO and checking what refinancing alternatives are available with the best mortgage broker.

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You want to get your debts consolidated.

Dealing with many debts might make making monthly payments more difficult than if you only had one obligation to settle. Refinancing your home loan may allow you to consolidate your bills into a single, reasonable monthly payment.

When combining other debts with your home loan, consumers should be cautious because this might increase your costs by lengthening the term of your loan. For example, paying out a 5-year car loan with a 4% interest rate rather than 14% would appear like a wise option.

On the other hand, consolidating this with your home loan over 30 years may not be in your best interest if you wind up paying more in interest over time. The impact can be either positive or negative. However, if you want more liquidity or more cash left with you at the end of the month consult the best mortgage broker.

It may be a good idea to make additional repayments to your consolidated debt as soon as feasible to take full benefit of this choice and pay less interest in the long run.

You’re fed up with paying exorbitant fees.

For the privilege of holding a mortgage, homeowners pay a variety of upfront and continuing costs. Even though a low-interest loan saves money, if a borrower is still paying exorbitant yearly fees, they may not be saving as much as they believe.

You’d want to enhance your mortgage with additional features.

First home buyers frequently accept simple mortgages. Then, after a few years of building equity in their house, these homeowners may notice that their financial position has improved (better jobs, good credit scores, etc.) and wonder whether they could apply for a better home loan.

If this sounds like you and you’re frustrated that you don’t have access to various features, refinancing could be a good idea. For example, homeowners may refinance to include features like offset accounts, the ability to make extra repayments, split rates, cashback refinance and the ability to redraw funds. It is best to speak with the best mortgage broker to know for sure if you’re getting a great deal.

The best mortgage broker: Is Refinancing the Right Option for You?

Refinancing or switching your home loan used to be a hassle, but today it’s much more streamlined – with Nfinity Financials. However, before refinancing, you should decide why you want to do so and explore the effects on your financial situation. Normally people do a lot of research regarding refinancing but with Nfinity Financials by your side, you can skip the research part. At Nfinity Financials, we do the legwork so that you may relax. To find out where you stand, consult our best mortgage brokers. We assist you with refi-research and some robust comparison, and then you could be on your way to paying off your home sooner. Interact with us dial ‘1300 GET LOAN’ (or 1300 438 562).