How hard is it to refinance and why would I want to? A 90 second look for busy folk
OK, so you’re a busy person. I’ll make this quick. Here is a 90 second overview on REFINANCING...
First, why might you want to refinance your home?
1) Save money on interest (instead of giving it to the banks – you need it more than them)
Our clients save over $2500 per year, on average!
2) Save years off mortgage repayments (a half a percent drop in your interest rate could shave 3.5 years off your mortgage – based on a $400k home loan)
3) Lower your repayments
4) Release equity/free up cash for;
- A renovation
- Purchase costs on another property (stamp duty, deposit, etc)
- Debt consolidation
- A holiday
OK, so now you’ve picked one (or a combo) of these let’s look at the steps, via (me) your broker:
1) Send me an email to firstname.lastname@example.org advising:
- Approx. value of home?
- Do you live in it or is it an investment property?
- Current Bank/Loan balance/Rate?
- Currently Variable or Fixed?Your phone number?
2) I’ll give you a 5 minute phone call to discuss best options from our panel of over 38 lenders
3) I’ll shoot you through an email with options and checklist of documents to send me
4) You send me some documents via email
5) We catch up via webchat (or face to face if we haven’t met before)
6) My team and I submit your loan to the lender of your choice and follow it through the whole process for you
7) Once formally approved, we send you the loan documents to sign
8) You send them back in the post
9) Your loan settles and your bank is paid out
This whole process can take anywhere from 2 weeks to a month, depending on the lender you choose.
HOWEVER, it will take YOU about 1 HOUR, (including digging up documents and our chat/s).
So, the question is… Can you spare an hour to potentially save tens of thousands of dollars or many unnecessary years paying back a mortgage?
And before you consider that, yes it was a rhetorical question…