With many lenders offering rebates for refinancing at the moment, now could be a great time to review the lender’s rates to ensure that they’re offering the best rate possible.
Reviewing home loan rates regularly is a great idea as it will either help clients save money by switching to a better loan product, or alternatively, prove that they are getting the best deal possible. Refinancing involves the paying out of a current loan with a new loan, and can often shorten the length of loan terms and offer repayment reductions. This means extra mortgage repayments can be possible and home ownership can become a reality faster.
Clients may want to refinance their home loan for a number of reasons. Consolidation of debts onto one mortgage can make finances far easier to manage, and when fixed rate terms on a loan expire, it is the perfect time to look for better interest rates and home loans that are more adaptable to the client’s needs. Furthermore, they may be seeking a better interest rate or a deal with more benefits and add-ons like account splitting and flexible repayments. Tax benefits may also be available if the client chooses to refinance in order to access home equity and the funds are used to invest in wealth building opportunities like more property or shares.
When thinking about refinancing, any costs associated with moving from the current loan and changing to the new one must be taken into consideration. Fees such as exit charges and loan establishment fees need to be examined before any decision is made, to avoid any unforeseen expenses.
A variety of lenders are currently offering high rebates of up to $1,250 to win borrowers’ business, including investors and owner occupied borrowers. For more information on refinancing and taking advantage of these rebates, contact Launch Finance today.