Let us show you a better way to refinance
Refinancing is when a property owner raises a new loan which replaces the property’s original loan. There are many ways to do this and different products and services to help the home owner get ahead. Refinancing happens for different reasons, depending on goals and circumstances.
One of the most common reasons to refinance a home loan is to find a cheaper loan. Sometimes, a borrower has been with the same lender for a number of years and what was initially a competitively-priced loan is now in the middle of the pack in terms of interest rate. To ensure you are paying the best interest rate on a home loan, look at the lowest-price, no-frills mortgages such as the Yellow Brick Road Rate Smasher. At a time when the major banks’ variable rate loans were around 5.4 per cent, the Rate Smasher was at 4.4 per cent. The difference between these interest rates, on a $400,000 25-year variable rate mortgage, is around $230 a month. A big enough saving to make the change.