You might have heard of the term, but what is Mortgage Refinancing and what does it mean? Do you qualify? We have compiled a cheat sheet with all the answers to your questions about mortgage refinancing.
In short, refinancing a mortgage is essentially replacing your old mortgage with a new one, in order to negotiate a better interest rate, change to a different lender, or borrow cash from your mortgage to pay off debts or make large purchases. When refinancing your mortgage, you are paying out your original loan by taking out a new one.
Mortgage Refinancing also requires sufficient equity, and a good credit rating. If refinancing is possible for you, it could be a good idea to look into it further. It is important to note, however, that you may incur fees when refinancing, which can be upwards of one thousand dollars. These fees are usually due to pre-payment, as you will be paying out your mortgage faster than the agreed upon terms.
Mortgage Refinancing isn't your only way forward. We have a range of different options for those who may not be in the right situation for Mortgage Refinancing. You can contact one of our consultants for more information.
NB: Beyond Debt is not a lender. We do not provide mortgages or loans.
Beyond Debt is a trading name of DCS Group Aust Pty Ltd. Australian Credit License: 382607. RDAA Number: 1126. PO Box 3074 Newstead, QLD, 4006.
DCS Group operates under a Limited Liability scheme approved under Professional Standards Legislation