How to refinance your home loan to the perfect fit
Your home loan is a long term financial commitment which can span anywhere from 25 to 30 years. But that doesn’t mean you’re stuck with the same deal that whole time! Refinancing your home loan is the perfect way to score an offer that will save you money and suit your current budget better.
How do I refinance my home loan
Refinancing your home loan simply means that you take out a new home loan to replace your old one. Benefiting from a lower interest rate, access to more features and greater flexibility are just some of the reasons why a number of people choose to refinance.
When you switch home loans you will more often than not have to use some or all of the funds to pay off your old home loan. Depending on what works best for you or what deals are available when you’re looking to refinance, you can either stick with your existing lender or switch to a new one entirely.
It simply depends on where you can find the best deal to benefit you. If your existing lender has an enticing home loan package that you want to switch to then it’s definitely worth looking into, or if an online lender has a rate that catches your eye, you might want to get more information about that.
Once you’ve decided which lender/home loan you want to switch to, your new lender will pay out your existing home loan in full with your new home loan.