REFINANCING
If at any point, you find that your loan is no longer catering to your needs, you can opt for refinancing. A common reason why people opt for this feature is because they are on the lookout for a lower interest rate or they have some equity built up that they want to tap into.
What is refinancing?
Refinancing means the process of paying out your current home loan by switching to a new loan, either with your existing lender or through a different lender. If you are thinking about unlocking equity in your home or just wondering whether you could be getting a better deal or lower your repayment amount, a refinancing can come to your aid. At Apt Mortgages, we improve people’s financial circumstances every day through smart refinancing.
Why do you need refinancing?
Borrowers refinance for myriad reasons. A common goal is to pay less interest over the life of the loan. Borrowers may also want to change the duration of the loan or switch from one loan product to another. The reasons and motivations behind refinancing a loan are as varied as the loan types offered.
Reasons to consider refinancing your mortgage:
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to get better value, such as a lower interest rate or to pay little or no monthly fees.
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to suit your lifestyle, such as having children, retiring, or selling/ buying an investment property.
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to explore your options when you come to the end of a fixed-rate term on your mortgage.
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to consolidate finances.
How does it work?
When you switch to a new loan, you utilize your funds to pay out your current loan. In this case, you have a choice to opt for the same lender you had borrowed from or you can refinance from a new lender. If you opt for a new lender, the new lender is going to take care of paying off your current loan.
How can we help you?
Our mortgage analysts will help you with finding answers to these questions.
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Will refinancing be good for you considering your present circumstances?
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How easy or difficult will it be to gain approval for a new loan?
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What type of home loan will better suit your current needs?
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How much will the refinancing cost you?
Our mortgage analysts will figure out whether you will save money on refinancing. We have a strong relationship with various lenders and that allow us to access a lot of choices and make them available for you. Our advisor make sure to put your needs on top priority and assess your unique circumstance to shop for an apt loan that you can switch to.