Accordion

A home loan spans for several years, during which your situation, the market, or any other factor might change. During this time, there is a strong possibility that lenders may be offering deals better than the one you have already signed up for.

Because the lenders do not always pass on these new benefits to their existing borrowers, the only way to take advantage of this is to revise the terms of your loan.

This process is called a Refinance, which is basically a revision of an existing mortgage balance or home loan balance that provides an advantage or benefit to your financial situation.

Through refinancing your existing home loan, the new lender will pay your old lender the full balance owing on your home loan and take on the balance (and sometimes more!).

Keep in mind though that depending on the lenders you may have to pay extra fees such as break costs, exit fees, application fees, and more.

There are many reasons to refinance your home loan which include but are not limited to

• If you find a better interest rate for lower repayments
• If you want to cash out for renovating
• If you want to consolidate your current debts such as car loans, personal loans, etc. into a single loan at a lower price
• If you want to borrow money against the equity in your property

There are many reasons to refinance your home loan which include but are not limited to

• If you find a better interest rate for lower repayments
• If you want to cash out for renovating
• If you want to consolidate your current debts such as car loans, personal loans, etc. into a single loan at a lower price
• If you want to borrow money against the equity in your property

There are many reasons to refinance your home loan which include but are not limited to

• If you find a better interest rate for lower repayments
• If you want to cash out for renovating
• If you want to consolidate your current debts such as car loans, personal loans, etc. into a single loan at a lower price
• If you want to borrow money against the equity in your property

There are many reasons to refinance your home loan which include but are not limited to

• If you find a better interest rate for lower repayments
• If you want to cash out for renovating
• If you want to consolidate your current debts such as car loans, personal loans, etc. into a single loan at a lower price
• If you want to borrow money against the equity in your property

There are many reasons to refinance your home loan which include but are not limited to

• If you find a better interest rate for lower repayments
• If you want to cash out for renovating
• If you want to consolidate your current debts such as car loans, personal loans, etc. into a single loan at a lower price
• If you want to borrow money against the equity in your property