Refinancing your mortgage can be a smart financial move. Here are some key points to consider:
- Why Refinance? Refinancing allows you to replace your current mortgage with a new one. Common reasons include:
- Lower Interest Rate: Get a better rate to reduce monthly payments.
- Change Loan Terms: Adjust repayment duration (shorter or longer).
- Access Equity: Use your home’s value for renovations or other expenses.
- Stability: Switch from variable to fixed rate for predictable payments.
- Offset Accounts: Consider loans with offset accounts to pay off your mortgage faster. Money in the offset account reduces interest paid.
- Fees: Compare fees (monthly, annual, redraw) between loans. Some loans have no fees, while others may charge.
Remember, refinancing is unique to your situation, that’s why you need to consult a professional mortgage broker to get you the best deal. Talk to Penni or Allen today at iShare Cashback Mortgage Brokers and get the help you need.
