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Refinance Overview

Home | Home Loans |Refinance Overview

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What is refinancing?

Whether it’s getting a better interest rate, lower repayments, buying an investment property or finally doing that renovation you’ve always wanted; refinancing could be the solution you’ve been seeking.

Refinancing refers to the process of paying off your current home loan by taking out a new loan, either with your existing lender or through a different lender.

Refinancing is sometimes referred to as “Loan switching” or “Streamlining” or ‘Recasting” . If you want to see what is available for you, Blake Mortgage can help you explore your options. Or you can see it for yourself by clicking here. There are many benefits to refinancing including; reducing your rate, reducing your term from a 30 year to 15, refinancing to get cash out to consolidate debt and paying off higher interest debt with a lower rate, doing a home renovation project, etc. A broker can help you determine whether you’ll save money when you refinance. Working with a professional who has already established a strong relationship with several  lenders also allows you to access many options.

Refinancing, in the case of an interest rate reduction loan, it should only be considered if you intend to stay in the home long enough that your closing costs will be recaptured by the savings. On the other hand, in a cash out refinance where you are paying a higher interest rate credit card debt, the weighted average of the rate on the new mortgage should be considerably less than the rates charged on your credit cards that you are paying off. You have to remember that in a cash out refinance your kicking the can down the road with a lower interest rate. You should plan to maintain your payments with a little extra principal payment every month, as if you are still paying off the credit card debt. A caveat here: make sure that your credit card that is not maxed out after the refinance.