Mortgage Refinancing and Debt Consolidation

Thinking about mortgage refinancing or consolidating your debts? Are your credit card debts getting difficult to manage?

If you have a number of loans (i.e. mortgage, credit cards, personal loan, car loan etc) then refinancing your existing mortgage or home loan may be an option for you.

Refinancing can be very effective when

  • You already own a property and are struggling to pay your existing mortgage,
  • You have a credit card loan, a personal loan, a car loan and a home loan and the repayments have become a nightmare,
  • You wish to raise some cash for another property, a car or some other purpose, or
  • If you are planning some home renovations or maybe an extension.
  • Your fixed interest rate is due for expiry and you want to find out if there’s a cheaper rate available

If any of the above situations apply to you then mortgage refinancing may be the solution you’ve been looking for.

Refinancing is where a new loan is taken out on your already mortgaged property and used to pay out your existing home loan.  It is not always necessary to use a different lender, but if this is the case, then this new lender will organize to payout your existing loan and ensure that the transition from one lender to another goes smoothly.

So why refinance?

Walker Hill Finance Home Loans has been helping customers successfully refinance their loans and reduce their personal debt since 2002. Our staff will happily answer any questions you have about refinancing. After all, we realize that every person’s situation is unique and that specialist assistance is required to ensure that each customer receives the best possible outcome.

Is Refinancing Right For Me?

Refinancing isn’t always a good idea for everybody.  In some cases it may be cheaper to stay with your current lender and restructure your current loan.

Do you have less than 20% equity?  If so, then you will have to pay Lenders Mortgage Insurance all over again which could add thousands to your loan.  Let us work out whether this is still cost effective for you.

If you are considering moving loans it is important that you check to see if your current lender has any hidden exit costs – such as a deferred establishment fee or a break cost if you are currently on a fixed term.

Also consider how many years of your original 30 year loan term you have already paid off.  Refinancing may not be beneficial if you have already repaid 5 or more years of your loan.

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