Refinancing your mortgage can be an extremely beneficial financial decision. There are many reasons individuals choose to refinance. It could be your financial condition or credit score has improved, and you are now entitled to a lower rate. Perhaps interest rates have dramatically dropped since you acquired your mortgage. Maybe you want to get your equity to fund renovations or an investment.
Whatever the reason is, refinancing can make a lot of sense. With the right guidance, you can free up funds to broaden your investment plan, or save money on repayments. In some circumstances, you can even pay your home off faster by refinancing with a more competitive loan.
To ensure you select the right refinancing option, talk to our professional mortgage brokers at Coscia Finance. We consider your personal financial situation and determine whether refinancing is the right move for you. It’s important to remember that while refinancing can save you money, it also has the potential to cost you more money.
Mortgages are commonly refinanced in the pursuit for a superior offer. When considering a refinance, it’s important not to focus purely on the interest rate. While it may be cheaper, additional fees and charges for changing your mortgage, can end up costing you money, rather than saving.
Some home loans don’t offer much flexibility, which is often only discovered later down the track when the homeowner tries to make a change and cannot. Many people end up refinancing their mortgage to achieve greater flexibility.
It can be beneficial to refinance your mortgage when renovating, as you only pay interest as building advances. Upon completion of renovations, it can be a good idea to refinance your mortgage again, so you can consolidate the full amount you owe into a loan that reduces your interest bill.