Start Refinancing mortgage finance debt consolidating

Refinancing mortgage finance debt consolidating

Most people refinance their car loan to get a lower interest rate, get more flexibility in their car loan or get more additional features.

The most popular reason home owners choose to refinance a home loan is to secure a lower interest rate and reduce their monthly repayments.

However, refinancing can come with some costs, so it's essential to weigh up the savings of refinancing against the expense involved.

If you'd prefer the certainty of repayments will stay the same for a period of time, you may wish to switch to a fixed rate. Or, you may decide you'd like to take advantage of a lower variable rate as you can accept the risk that rates may rise in future.

Calculate what the repayments would be over five years at the same interest rate as your home loan and then add this to your home loan in the form of extra repayments each month.