Mortgage refinancing | If you\’re like most people, you probably took out a mortgage when you bought your home. And if you\’re like most people, you may not have gotten the best deal possible on that mortgage. In fact, many homeowners could save money each month by refinancing their mortgage.
In this blog post, we\’ll discuss how to go about refinancing your mortgage and saving money on your monthly payments!
When should you refinance your mortgage?
If your mortgage interest rate is higher than current rates, you may be able to save money each month by refinancing. You should also consider refinancing if you have an adjustable-rate mortgage and want to lock in a low, fixed rate.
If you\’re thinking about refinancing your mortgage, there are a few things to keep in mind. First, you\’ll want to shop around for the best mortgage rates. This can be done by talking to different lenders or using an online mortgage rate calculator. Once you\’ve found a good interest rate, you\’ll also want to consider the fees associated with refinancing. These can include costs such as appraisal fees, title insurance, and closing costs.
You\’ll also want to make sure that refinancing makes financial sense for you. To do this, you\’ll need to calculate your break-even point – that is, the point at which your monthly savings from lower mortgage payments will equal the cost of refinancing.
This process may seem daunting, and using a mortgage broker can help you avoid floundering in unfamiliar territory.
Why use a mortgage broker for your refinance?
If you\’re interested in refinancing your mortgage, talk to a mortgage broker today! They can help you compare mortgage rates and find the best deal for you.
Some benefits of using a mortgage broker when refinancing a home loan include:
– mortgage brokers have access to a wide range of mortgage products from different lenders, so you\’re sure to find the best deal possible;
– mortgage brokers are experts in the field and can guide you through the refinancing process step-by-step;
– using a mortgage broker is free – they are paid by the lender, not by you!
Once you\’ve decided that refinancing is right for you, the process with a mortgage broker is relatively simple. You\’ll need to fill out a mortgage application and provide some financial information to your broker. Once your application is approved, you\’ll sign some paperwork and then begin making your lower monthly payments!
Mortgage refinancing can be a great way to save money each month. Be sure to use a mortgage broker to shop around for the best interest rates and compare the costs of refinancing to ensure you are getting the best deal. And if you have any questions about the process, be sure to ask your broker – they\’ll be happy to help!
About Teri Maloon
Teri is a Mortgage broker with over eight years of financial planning and brokering expertise internationally and in Australia. Teri has the skills, experience, and knowledge to help you evaluate your options and select the best loan for your situation. She\’s here to help you get the most out of your loan by efficiently navigating the legalities and procedures so that you receive great results.
Teri is known for her professionalism, efficiency, honesty and integrity. Whether you’re a first-time home buyer, looking to upsize or refinance, or seeking an investment property, Teri can help you.
Teri’s ability to make her clients feel at ease, as well as her ability to think outside the box has earned her a stellar reputation among her clientele.
She attributes her success and growth to her strategic alliances with banks and non-bank lenders and has a sound grasp on all lending criteria and policy that is tailored to an individual circumstance. This stands Teri in good stead to help you consider all your options so you can concentrate on making the best decision for your needs.
The financial aspects of home buying can be stressful and overwhelming—but they don’t have to be, not with an experienced and caring professional like Teri in your corner.
I can highly recommend Teri; her professional knowledge and skill combined with her personable attributes gave me a sense of security and trustworthiness.\” – Monika Naslund. Click here to read more verified reviews.
Frequently Asked Questions
What are the main reasons for refinancing a mortgage?
Some common reasons people refinance their mortgage include:
– To get a lower interest rate and save money on monthly payments
– To pay off the mortgage loan faster
– To access equity in the home to make improvements or pay for other expenses
What are some things to consider before refinancing a mortgage?
Before refinancing your mortgage, it\’s important to consider:
– How long you plan to stay in your home
– The current mortgage interest rate
– The fees associated with refinancing
– Your mortgage term length
How much can I save by refinancing my mortgage?
The amount of money you can save by refinancing your mortgage depends on a number of factors, including:
– The interest rate on your current mortgage
– The interest rate you qualify for on a new mortgage
– The term length of your current mortgage
– The term length of your new mortgage
– The fees associated with refinancing
How long does it take to refinance a mortgage Australia?
The procedure to refinance is quite similar to that of applying for your initial loan, and refinancing might take 4-8 weeks in total. Of course, the process varies depending on your unique circumstances.
Conclusion: Mortgage Refinancing
Mortgage refinancing can be a great way to save money each month. Be sure to use a mortgage broker to shop around for the best interest rates and compare the costs of refinancing to ensure you are getting the best deal.
Use the contact form below to get in touch with Teri Maloon today.
Contact Teri Maloon
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This page 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.