Home loan refinancing with CapitalQ
What is refinancing?
Refinancing occurs when a pays off their current home loan by immediately replacing it with another home loan. The new loan can either be provided by the existing lender or be sourced from a different lender.
How easy is it to switch lenders?
It is relatively easy to switch from one lender to another but there may be associated costs. These will be determined by your financial circumstances and the amount of the loan. Some lenders do not charge existing customers to switch from one loan to another.
How a CapitalQ broker can help
Refinancing is not something to be taken lightly. You must be sure that the benefits are genuine and preferably long term. It is important to know that the financial benefits of refinancing will outweigh the costs. The team at CapitalQ can advise you about refinancing and, should you choose to proceed, can also handle the negotiations and paperwork on your behalf.
4 reasons you may want to refinance
Refinance to shorten the term of your loan.
If you have a 30-year mortgage, now may be a great time to consider refinancing. With record low-interest rates, you may find that a 15-year mortgage is not much more expensive than the 30-year loan payment you have been paying. Start by entering your information into a mortgage calculator to see what your new payment might be.
Refinance to lower your payment.
Refinancing your mortgage your mortgage payment could free up hundreds of dollars per month that could be saved or invested. Although refinancing to lower your payment could increase the term of your loan, it could make sense in your particular situation.
Refinance from an adjustable-rate mortgage to a fixed-rate loan.
If you currently have an adjustable-rate mortgage, now may be the perfect time to refinance into a fixed-rate loan. Interest rates are low now, but they may not stay this low forever. Locking into a low, fixed rate can protect you from rising interest rates in coming years. Additionally, a fixed payment is easier to plan for and budget.
Refinance to cash out home equity.
It’s a tempting proposition to cash out your home equity by refinancing your home. It could even be a great financial move in some circumstances. For instance, it may make sense to cash out some of your home equity in order to buy an investment property or start a business. It mostly depends on what you are trying to achieve and if you are someone who can manage your debts responsibly. Speak to our team for advice if you are unsure whether refinancing is the best move for you.
Let CapitalQ help you
Through our strong relationships and long-standing connections with these mortgage providers, we can often secure better rates and deals than if you were to approach them directly.
CapitalQ can bring the banks to you. We deal with all major banks and building societies plus others with which you may not be familiar.
While we specialise in home loans our experienced mortgage brokers can obtain loans for virtually any purpose including equipment financing and investment loans.
We can also advise on debt consolidation strategies designed to reduce interest and save you money.