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Welcome to InvestorFi. It’s good to see you.
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Refinancing: Benefits and Everything About It

02/01/2023

Loans can be incredibly taxing. With changing circumstances, the plan you agreed to may not be the most suitable option for your current needs. In such a case, refinancing offers a replacement for your existing plans to suit your needs better. 

So, how to refinance a home loan? Read on to learn more.

What Is Refinancing?

Refinancing refers to replacing your existing loans with a new loan. The purpose of refinancing is often to secure lower interest rates, reduce monthly payments or change the loan term. By refinancing, an individual or a business can save money on interest over the life of the loan or access additional funds for other purposes. 

Refinancing can be done for a variety of loans, including mortgages, student loans and car loans. It is important to consider the costs and terms of the new loan, as well as the potential benefits, before deciding to refinance. The process can be complicated but is highly beneficial when taken at the right time and from the right sources. Expert advice is crucial whilst pursuing refinancing, especially if you are a novice when it comes to banking. 

What Are the Advantages of Refinancing?

Refinancing offers many advantages, which make it beneficial to pursue. Here are some of them:

  • Save money

The main objective of home loan refinancing is to make better plans to help you save money. For example, the property value may have increased, or the home equity built through mortgage payments may influence the increase in funds available to you as a replacement for an existing loan.

You can make good use of this loan and use it to improve facilities in the house. Paying off other personal debts is also a great use of the funds you acquire. Any emergency or general monetary need can be solved through refunding.

  • A lower burden on monthly payments

Home loan refinancing reduces the interest you will have to pay compared to the earlier loan plan on your property. If your monthly payment can be lowered, this can significantly influence your standard of living and help you pursue new opportunities with the money you save. 

  • Changing the duration of the loan

The most significant advantage of refinancing is the renewal of the term, which can be adjusted to suit your needs. With constant changes in life, new avenues may allow you to pay back the loan quickly, which would be unprofitable with the existing loan plan. Refinancing solves the issue if your home loan is not flexible enough to suit your needs.

  • Interest rate adjustment

Interest rates can significantly influence the loan’s impact on your life. A bigger interest rate can axe your monthly budget, lowering your living standard. In this case, switching to smaller monthly payments is recommended.

Home loan refinancing allows for shorter plans with lower interest rates. However, it is essential to consult a professional before planning your ventures and deciding the terms of your new mortgage.

How to Refinance a Home Loan

Here are the most critical steps you should take before opting for a home loan refinancing:

  • Get a thorough understanding of your financial situation

Before making a financial decision, assessing your financial situation and anticipating the immediate future is a good idea. You need to understand your sources of income, monthly monetary commitments and how these can change shortly is crucial.

Thinking about the bigger picture can be a priority for many. If you wish to secure the future of your family or plan for your retirement, all those factors must be considered when making the decision. Consulting professionals to break down your situation will help you see it.

  • Research your refinancing options

Refinancing is hugely beneficial when planned well. However, you need to understand the terms of the deal you agree to and how it differs from your existing loan. The risks associated with refinancing and how you can navigate future situations must also be considered.

Expert advice is critical in helping you understand the mortgage structure and can have a significant impact on the decisions you make. With careful consideration of your options and by consulting experts, you can make the right decision.

  • Make decisions with expert advice

With the amount of emphasis placed on refinancing, choosing the right financial services that pay great attention to your needs and concerns and offer quality services is vital. To do this, you need more than taking a look at customer reviews to get unbiased opinions from third parties. You need expert advice from professionals who have the right knowledge and experience about home loan refinancing and other matters related to it. This can help you filter your options and pick the right financial services to plan your refinancing properly.

Refinance with InvestorFi

InvestorFi offers excellent refinancing services that are rivalled by none. With great attention to your needs and a long history of satisfied customers, our services are sure to help you find solutions to your financial situations. 

For more details about our services, contact us today.

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This is what we do.

We are finance strategists in the Mortgage Broking industry, helping Australians build wealth through property investment.

Our sole purpose is to reinvent ways to keep the Great Australian Dream Alive. Because we believe it’s everyone’s right to the security home ownership affords our families and community. Yes, our niche is Finance Strategy for Property Investors, but it is not what we do that makes us tick;
it’s

Because property investment is a decisive step toward financial freedom, we cultivate lasting relationships with our clients. We ain’t just a ‘whame bam, see ya later man’ kinda outfit. In fact, our business is built entirely from our lasting relationships with our clients who have suggested us to their inner circle – their family and friends. That is a pretty big tick of approval and a sure vote of confidence.

This is How we do

What separates us from the rest?

Have you ever considered the difference between Mortgage Brokers?

A Broker worth their salt has a playbook of ‘scenarios’. They are finance strategies that have worked in the past. He will offer up one, two or even three scenarios that he thinks will work best for you. 

But the great ones challenge the status quo, strategising new plays that serve your unique situation and financial goals. They will study, visualise, and fine-tune before offering only the best scenarios that build a rewarding property Portfolio.  

They never let good be the robber of the best and only play to win!

InvestorFi is a group of finance strategists that will design a unique scenario for your state of play towards your long-term game plan.

But don’t just take my word for it.

Clients like Tony F. said: I couldn’t be happier with the service. Wayne was excellent in guiding me through and delivering a great investment loan. Very responsive and savvy investment brokers. Will continue to use their services in the next purchase. 

And like Kim, Wayne is extremely dedicated, professional and a pleasure to work with. He worked tirelessly to help me secure an alternate lender before the settlement date and was extremely prompt and clear in his communications with me. 

And 

Robert wrote: Wayne is always very responsive and takes the time to lay out all the options in plain English.

Reviews like this make our souls sing. We’re in the business of helping people achieve real results that last!

So if you’re looking for a great Finance strategist like these incredible clients, you’re in the right place.

This is why we do

Gone are the days a single income could afford 2.5 kids, a pet, and a four-bedroom house in the burbs! 

At InvestorFi, our sole purpose is to reinvent the great ‘Australian Dream’. Because we believe it’s every citizen’s right to the security home ownership affords our families and community, not just for today but for generations to come.

But because it’s become so difficult, it requires complex solutions. One way is to seek finance strategy before purchasing a home. This way, you can leverage your full potential to live where you want to and invest where you can afford to. 

Property ownership has become a game of ‘finance strategy’, placing a premium on finance know-how. That is why we value education; our mantra is knowledge equals freedom, but knowledge shared is freedom multiplied.  

There is no drought; we have hit a new era with its epic challenges. Not everyone is up for the grind it takes to keep the dream alive. That’s why we also place a premium on camaraderie. We don’t see ourselves as a ‘hit and run’ service but as a hub and a way of life.