Refinance your Mortgage
Unlocking Potential Savings and Flexibility
Are you a homeowner seeking to lower your repayments, access cash for home improvements, or eliminate Low Equity Margin (LEM)? Refinancing your mortgage could be the key to achieving your financial goals. At Rhino Mortgages, we understand the importance of making informed decisions regarding your mortgage. This guide will walk you through the refinancing process, its benefits, and how you can get started today.
What is Mortgage Refinancing?
Mortgage refinancing involves replacing your existing home loan with a new one, generally with different terms. Homeowners often choose to refinance to take advantage of lower interest rates, reduce their repayments, change the loan term, or switch from a Floating rates to a fixed term rate mortgage for more predictable payments.
Benefits of Refinancing Your Mortgage
Lower Interest Rates
One of the primary reasons homeowners refinance is to secure a lower interest rate. Even a small decrease in your interest rate can lead to significant savings over the term of the loan.
Reduced Repayments
By refinancing to a lower interest rate or extending the loan term, you can decrease your regular mortgage payments, freeing up cash for other expenses, investments, or savings.
Access to Cash
Cash-out refinancing allows you to tap into your home’s equity, providing you with cash that can be used for home improvements, debt consolidation, or other financial needs.
Switching Loan Types
Refinancing lets you transition from a Floating rates to a fixed term rate mortgage, providing more stability and predictability in your repayments.
Eliminate LEM
If your home has increased in value since you first purchased it, refinancing can help you eliminate Low Equity Margin (LEM) if your equity reaches 20% or more.
How to Refinance Your Mortgage
Assess Your Financial Goals
Determine what you want to achieve through refinancing. Are you looking for lower repayments, quicker payoff terms, or to access cash?
Check Your Credit Score
Your credit report for any errors and work on improving your score if necessary.
Gather Required Documentation
Prepare necessary documents such as income verification, IRD tax summary, bank statements, and details about your current mortgage.
Submit Your Application
Once you’ve completed our application process. We will then submit your application to banks to evaluate your financial situation and provided documentation.
Lock in Your Rate
If you’re satisfied with the loan terms and interest rate, consider locking it in to ensure you don’t miss out on favorable rates.
Close Your New Loan
Once your application is approved, you’ll proceed to closing. Review all documents carefully before signing.
Are You Ready to Refinance?
Refinancing your mortgage can be a smart financial move, but it’s essential to weigh the costs against the potential savings. At Rhino Mortgages, our team of experienced mortgage advisers is here to guide you through every step of the refinancing process. We’ll help you assess your options, understand the benefits, and make the best decision for your financial future.
Contact Us Today on 022 0166 056.
If you’re interested in learning more about refinancing your mortgage, don’t hesitate to reach out. Contact Rhino Mortgages at 022 0166 056 or fill out our online form to get started. Together, we can unlock the potential savings and flexibility that refinancing can offer!
Partners
Our Mortgage Sure advice work with a range of bank and lenders to secure you the best possible finance solution. We have over 20 landers on our panel including all the four major banks.
