Refinancing
Does your home loan fit your current financial situation or is there a more appropriate option available?
Refinancing
Does your home loan fit your current financial situation or is there a more appropriate option available?
Why refinancing?
Changes in income, jobs, health and life stage may cause you to consider refinancing your home loan. Whether your decision is fuelled by investment strategy, financial motivations, a birth, death, retirement, illness, divorce, or you just want to fund your bucket list, the reasons why people choose to refinance are varied.
You may want to:
⭕ Refinance to shorten the term of your loan, to be debt free faster.
⭕ Refinance to lower your interest rate, to pay less in interest.
⭕ Refinance to lower your payments, to create a better cashflow.
⭕ Refinance from a variable rate mortgage to a fixed rate one, to lock in a great rate.
⭕ Refinance to simply change your home loan product.
⭕ Refinance to cash out home equity to use for investments, debt consolidation, large purchases or unexpected expenses.
⭕ Consolidate two or mortgages into one to reduce administrative costs.
⭕ Get a mortgage on a paid off house (not technically a refinance) to put cash in your wallet, invest it, spend it or tick items off your bucket list.
Refinancing can be overwhelming, we make it simple
But it doesn’t have to be! Apathy doesn’t have to win. If it doesn’t make sense for you to refinance, then don’t do it.
But, at least make the decision based on current market information and facts rather than miss out on the potential financial benefits due to apathy.
Refinancing your existing home loan could be one of the most important financial decisions you make, bringing you closer to your desired financial future.
With Arch Home Loans at your side, we’ll provide you the information you need based on your situation.
We’ll scan the marketplace and present you the options available for your consideration and we’ll give you the guidance and support you need to make the decision, identify the appropriate home loan choice for you, and get the refinancing in place so that you can achieve whatever it was that motivated you to consider refinancing in the first place.
You may even be surprised by some additional benefits too!
FAQ
Why should I use a mortgage broker instead of going directly to a bank?
Mortgage brokers have access to a variety of lenders and loan products, potentially providing you with more options and better terms than if you were to approach a single bank.
How do I know if I qualify for a mortgage?
Mortgage brokers can assess your financial situation and guide you on the likelihood of loan approval. They can also provide advice on steps to improve your eligibility.
What information do I need to provide to get started with a mortgage application?
Typically, you’ll need to provide details about your income, employment, credit history, and other financial information. The mortgage broker will guide you through the required documentation.
How does the mortgage application process work with a broker?
The process involves an initial consultation to understand your financial goals. The broker will then recommend suitable loan options, assist with the application, and facilitate communication between you and the lender.
What types of mortgage loans are available, and how do I choose the right one?
Mortgage brokers can help you explore various loan options, including fixed-rate mortgages, adjustable-rate mortgages, FHA loans, and more. They will guide you in choosing the loan that best fits your needs.
How long does it take to get a mortgage approved through a broker?
The timeline varies, but a mortgage broker can help streamline the process. Factors such as document availability, property appraisal, and lender processing times can influence the overall duration.
Can I get a mortgage if I have a less-than-perfect credit score?
Yes, some mortgage brokers specialise in assisting clients with varying credit histories. They can explore available options and provide guidance on improving your creditworthiness.
What is Lenders Mortgage Insurance?
In essence, Lenders Mortgage Insurance (LMI) enables you to buy a property with a reduced deposit.
LMI serves as a safeguard for the lender (not the borrower) in the event of your default and the subsequent sale of the property at a price lower than the remaining loan balance.
Borrowers are responsible for LMI premiums when the borrowed amount exceeds a specified percentage. While some lenders permit you to include the LMI premium in your home loan, others mandate upfront payment.
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