Property ownership is one of the largest commitments many people will make in their lifetime. Once you sign on the dotted line, you are responsible for a monthly mortgage payment for many years to come, as well as maintaining the value of your real estate.
It is for this reason that it is important to regularly monitor the state of your home loan. Over the years, your financial situation can change dramatically and there can be several new options available on the market.
With this in mind, it is advisable to arrange a home loan health check every so often to ensure you are getting the best value possible.
Covering the cost of renovations
One of the most common reasons for refinancing existing home loans is to garner the funds for renovations or additions to property.
Accessing your home equity can make it possible to modernise your home and add value in the event of a sale.
Lower interest rates
It is possible to consolidate your debts to take advantage of lower interest rates being offered on the market. You may wish to speak to an advisor about your options.
Find a better deal
For some property owners, it may be worth switching home loans or even lenders to get set up on a mortgage plan with more value.
Even if the immediate tasks of filling out paperwork and reorganising your financial plan seems overwhelming, it could save you thousands in the long run.
Whatever the reason for home loan refinancing, it is worth speaking to an advisor about the specific requirements for doing so.
Estimating the immediate costs against future savings can shed light on your finances and help you to make the best decision possible regarding your mortgage.
You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.