When interest rates or their circumstances change, many people start thinking about refinancing.
The most important thing to consider when refinancing for a better home loan is the long-term benefit from refinancing costs.
For several reasons, many Kiwis refinance their home loans, including:
• Debt consolidation
• Borrow money for refurbishment or investment
• Secure competitive interest rates on home loans
• Move to a variable home loan rate from a fixed home loan rate, or vice versa
Your hypothecary refinancing is not an easy decision. A BuildME mortgage adviser helps you take the amounts into account, taking into account all mortgage refinancing costs, to see if refinancing is or is not the right way to go.
Things to consider while refinancing your home loan
Before refinancing your home loan, there are many considerations – follow these easy questions to find out whether it’s right for you.
Getting a better rate
The loan with the most inexpensive interest rate is not always the right option and may cost you more money over the loan term in some instances. A competitive home loan combines competitive rates, low fees, and flexibility in the loan sector.
Access the equity in your property
Many homeowners find saving on holidays or renovations difficult and frustrating when paying mortgages, but it does not have to be. House equity loans are meant to give you access to the equity through a loan line in your existing home loan.
Is it challenging to repay high-interest debts such as credit cards and personal loans? Debt consolidation can reduce your finance’s monthly repayment, save you money on fees and charges, and take control of your debt through a new lower interest rate loan consolidation of your existing loans.
Tips for reducing debt
Is it difficult to reduce or prevent debt? Here are our best tips on debt reduction.
Borrowing to renovate
Renovation is an great way to add value to your home. But as most creative renewal projects can be frustrating and stressful, a BuildME mortgage specialist can help get the right financial support for the first time.
In general, refinancing will have some start-up costs, ranging from a few hundred to thousands of dollars, but it can offer you more flexibility and save more money over the long term.