Wondering if you should refinance?
Is your home loan making you pay too much in interest?
Is your loan structure no longer right for you?
Want to pay off your loan faster?
Here are the answers to your questions. As experienced property lenders, we can help you with these solutions and much more. We are here ready to help you refinance your home.
Understanding Mortgage Refinancing
When you refinance you pay off your existing home mortgage and replace it with a new mortgage. For this you often change lenders.
Benefits to refinancing your mortgage
You can save thousands of dollars while paying off your loan faster. The first step is a mortgage review to find out how much you can save by refinancing. Here are 3 of key benefits of refinancing your mortgage:
- Getting a lower interest rate
Most people refinance to get a lower interest rate on their loan. This gives you smaller mortgage payments that can save you a lot of money every month.
- Help from experts
Most New Zealanders get their mortgage loan directly from the bank. When you refinance, you now have the opportunity to work with a professional Mortgage Broker. We can help negotiate the best possible loan with the lowest rate, even below the advertised rate. This can save you a lot of money every month for years to come.
- Change the loan structure to fit your life today
Your life may have changed. Now you need your mortgage loan structured differently. We can refinance your home while changing the loan structure to something that is much more advantageous for you. Landing a new job, having children, or remodeling your home can all be good reasons to revisit your loan structure. If you need more certainty in your plan, we can get you a fixed interest rate for 6 months to 5 years.
You can get lower rates by setting your loan payoff to a shorter period of time. Loan structures like Table, Reducing, Interest Only, Transactional can help compliment your current life. This saves you a lot of money and makes life easier.
Things to know before you refinance:
It's essential to be sure why you are refinancing. Often people simply want to save money. They also want to get out of debt sooner. Others have started a business or renovated their homes. Again, having children can be an excellent reason to refinance.
- Break Fees
This is the fee required to exit your current mortgage. The fees rise as interest rates go lower. We often work with banks to who will pay this fee for you. In the event you pay the fee yourself, paying a $2,000 break fee could still allow you to save $5,000 or more.
- Transitioning to a new bank
Refinancing your mortgage can also involve moving your banking, credit cards, and other daily transactions to the new bank providing your refinanced mortgage.
- Being aware of options
As you may have heard, banks are much more competitive than they used to be. These days a bank is going to work a lot harder to get your business. This can give you a better deal than what was offered back when you got your current mortgage.
Contact us now to fully discuss your refinancing options. Remember, working with us costs you nothing. We provide our service free of charge to you. We guide you through the refinancing process. We find the best options for you to help you get the best refinanced mortgage possible.
We are happy to answer your questions and manage your refinance.