There are numerous reasons why borrowers choose to refinance their home loans. From accessing more equity to consolidating their debt, save money with a better interest rate, to simply pay off their loan sooner and also to renovate.
However, refinancing does not have to be a daunting process, in fact you may find it surprisingly effortless as Oracle Brokers does most of the groundwork for you which provides you with the expert advice you need along the way.
Benefits of refinancing
1. Save money
In the current environment, no homeowner can afford to just assume their loan offers good value. If you have had your loan for a few years, chances are, there could be scope for you to save. By securing a cheaper interest rate and lowering your monthly repayment, you could be entitled to more savings than you realise.
2. Pay off your Bond sooner
By refinancing to a better rate, you are reducing your overall interest payable and, therefore, your total home loan balance. It is worth realising it does not have to take 25 or 30 years to pay off a home. Here are some top tips you will want to read that could just help you become bond-free ahead of time.
3. Equity to fund purchases or lifestyle goals.
Refinancing is often used to free up the equity you have in your current home in order to fund purchases or lifestyle goals. Having access to equity, for example, could help you buy an investment property, renovate, build and more. How much equity you can use will vary between lenders, which is why having a home loan expert on your side could make all the difference when it comes to doing the legwork. Find out more about accessing your home’s equity.
4. Debt consolidation
Refinancing your home loan can provide an opportunity to streamline your debt, and potentially reduce the overall interest you are paying on multiple debts through the process of ‘debt consolidation’. It means folding several high interest debts into one lower rate debt – which could be your home loan – and this may reduce your total monthly repayments.
5. Bring on better loans
Many South African homeowners may have home loans that do not fit their purpose or have “bells and whistles” that are not being used effectively. Having the right facilities could save you big time in the long run, so it is worth getting expert advice when it comes to understanding the different loan features available and how you could benefit.
Expert advice matters
Everyone’s situation is unique which is why it pays off to get expert advice when looking for a refinancing solution that is suited to you. Oracle Brokers Services (Pty) Ltd has up to date knowledge of what is available in the market and the benefits offered by different loan features.
So, if you’re looking to snap up a sharp rate to lower your loan repayments or perhaps your situation has changed and you’re due for an overall home loan health check, contact Oracle Brokers and fast track your financial health today!
References:
https://takechargeofyourmoney.blog/
www.cnbc.com
moneysmart.gov.au
blog.moneysmart.co.za