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Nfinity financials is one such broker well versed with the mortgage industry, always looking out for their customer
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What’s the process to refinance your home loan? • In the mortgage business, refinancing means switching your current home loan to a new one. You can refinance your home loan to get a lower rate and save thousands in interest payments as you will get access to cheapest home loan rates. But you can also refinance your home loan to borrow more money, switch to a more suitable loan type or to access features like an offset account. • The process to refinance your home loan is easier than you think. You just need to compare, find a better home loan and then apply for it like any other mortgage in your search for the cheapest home loan rates. Here are the steps required to refinance your home loan:
What’s the process to refinance your home loan? • Investigate and shop around for a mortgage. Apply with the chosen lender (this is all you’ll need to do). If you’re using a mortgage broker, they will do all the shopping around for you and recommend the most suitable mortgage and submits your application on your behalf. They will also have the data for the home loan rates available in the market which makes them a one stop shop. • Refinancing is the same as applying for a new loan so you’ll need to provide standard supporting documents such as your identification, bank statements and pay slips/tax returns.
What’s the process to refinance your home loan? • Once the application is submitted, the lender may require that your property be revalued. The lender will submit a discharge form to your State’s Land Titles Office to close the old mortgage account. Your new mortgage is used to pay off your old mortgage. You start paying your new home loan – usually within a month of settlement.
How can I benefit from refinancing? • Refinancing to a lower interest rate from among the cheapest home loan rates will lower your monthly mortgage repayments. Even a small decrease in monthly repayments can add up to thousands of dollars over the length of a home loan. Depending on your goals, the benefits to refinance home loan can be as such: • Getting the cheapest home loan rate to reduce the size of your mortgage. • Reducing your monthly repayments. • Consolidating debt such as credit cards, car loans, or tax debt into one monthly repayment. • Getting competitive interest rate as you refinance your home loan to a major lender after fixing past credit issues. • Accessing equity to renovate your existing property, to build something, to buy an investment property, to go on a holiday, or just to have some cash in the bank.
How can You can benefit from refinancing? With so many lenders and mortgage products on the market competing to refinance your home loan, lenders compete heavily when it comes to cheapest home loan rates. There are many different types of promotions offered by different lenders throughout the year so you’ll have to shop around to discover what’s being offered. If you are using a mortgage broker, it’s good to ask about the current promotions on the market. Brokers receive updates from the lenders and stay up to date with the latest offers. Nfinity financials is one such broker well versed with the mortgage industry, always looking out for their customers.
