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Online refinancing can bring better rates, new terms and many other benefits to your current loan. Apply online to see how much money you could save.
Online refinancing can bring better rates, new terms and many other benefits to your current loan. Apply online to see how much money you could save.
Refinancing is the process of replacing an existing loan agreement with a new one on your terms. Perhaps you have a better credit score than you did when you first applied for your loan and would like to take advantage of new and improved rates or maybe you would like to change the repayment length to better suit your current financial situation.
Whatever your reason, online refinancing can provide a great financial opportunity. Find out the benefits of refinancing below.
Refinancing your loans to take advantage of better interest rates sounds too good to be true, but it's a real possibility! Refinancing could save you thousands.
Struggling to afford your current loan repayments? You could lengthen your loan plan and benefit from smaller loan repayments.
If you've already paid off a portion of your mortgage then this part is rightfully yours. Refinance to get your hands on this equity.
By refinancing, you can take advantage of loan features that weren't available when first taking out your loan.
Refinancing is a complex form of finance and therefore can take up to 3 months to go through. Refinancing can be well worth the wait and effort though since it can save you thousands per year in some cases.
While the initial online refinancing application will result in a hard credit enquiry going against your name, this will only remain on your credit report for up to 12 months and so long as you haven’t applied for many other forms of finance within the same period, the effect shouldn’t be too significant.
You will pay a fee to refinance, however the benefit of reducing your interest rate should outweigh this cost in the long run, otherwise it’s not worth refinancing.
If you can reduce your current interest rate by 1% or more then it is widely accepted that refinancing your mortgage is worth your time. Not only can you save money in the long run with a lower interest rate, you can also build equity in your home faster.
Generally, you shouldn’t refinance within 6 months of starting a new mortgage, although it is possible. This is because you will have to pay up-front fees and play a waiting game while waiting for the refinanced plan to come through.
You shouldn’t look to refinance unless it means saving a significant sum of money. So unless you didn’t do your research before starting your mortgage and get the best deal possible then it’s not likely you’ll find a much better deal just 6 months after starting your mortgage.
