Posted by admin on Jun 15, 2017

5 Reasons To Refinance Your Home Loan

Refinancing is getting a new mortgage to replace your original loan. If you are considering this, keep reading as we listed the top five reasons, why it is your best choice.

Save More with a Lower Rate

One of the reasons why people consider refinancing is to save money. If you get a new loan with a lower interest rate, it could drastically reduce the amount you have to pay. Although this will increase the loan term, your financial situation will still improve as you don’t need to come up with a big payment every month.

House Remodelling

If your home is starting to fall apart because of structural problems, or you need to add room for your growing family, then maybe it’s time to apply for a new loan. Often, people do this to not buy a new property but to remodel what they have. Remodelling cannot only update your interior and fixtures but also boosts your property value.

Remove a Name Off the Mortgage Loan

If you’re getting a divorce and you want to remove your name or partner’s names from the loan, you must consider refinancing. Or else, you are still responsible for the payment regardless of who keeps the property. However, if you choose to remove your spouse’s name, you need to be financially stable so the company will be assured that you can handle your debt.

Buy a Second Home

Whether you are purchasing a property investment or thinking of buying a second home, refinancing helps you cash out your equity and that can be used as a down payment. A professional like Julie will assist you for your needs.

Get a Fixed Rate Mortgage

A mortgage with fix interest rate means that your payment will remain the same for the duration of the home loan. This usually stays one to three years. If you don’t want adjustments, consider this now.

To know more about the process and mortgage application, you can visit Julia Rashleigh Mortgage Broker & Finance website.

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