Refinancing your home loan
Homeowners come from all walks of life, and that means there are many reasons why you might be thinking about refinancing.
Refinancing with a Mortgage Broker: Finding the Right Deal
When it comes to refinancing your home loan, the process can be made significantly easier with the assistance of a mortgage broker. At Find A Better Rate, our primary goal is to simplify and streamline the refinancing journey for you. Let's take a closer look at how an Mortgage Broker can guide you through this process.
Your Initial Meeting with a Mortgage Broker
The first step in the refinancing journey involves meeting with your Mortgage Broker. This meeting can be arranged at a location convenient for you, whether it's at work, your home, or any place of your choosing. Typically, this initial meeting takes about an hour.
During this meeting, your Mortgage Broker will take the time to understand your specific circumstances and property-related objectives. To help you identify the most suitable refinancing solution, your broker will illustrate how much you might be eligible to borrow and what your monthly repayments could look like.
Assessing Your Borrowing Capacity
To determine your borrowing capacity, it's essential to ascertain how much you can comfortably afford to repay each month. Lenders consider several factors when assessing your borrowing capacity:
- Your Income
- Your Repayment History: This includes how well you've managed previous financial obligations, such as your existing home loan repayments.
- Other Financial Commitments: This category encompasses personal loans, credit cards, store cards, car payments, and hire purchase agreements.
- Living Costs: Household expenses like utility bills, council rates, strata fees, transportation, school fees, entertainment, and insurance are all taken into account. By subtracting these expenses from your net income, you should aim for a figure that not only covers your loan repayments but also provides some financial flexibility.
Having this information readily available can be immensely beneficial when working with your Mortgage Broker to find the loan that aligns with your unique circumstances.
Additionally, you can utilize our online Borrowing Power and Loan Repayment calculators to estimate your borrowing potential and projected repayments.
How do we get the process underway?
So you have an idea of how much you can save on your home loan, please click on the home loan health check button below which will provide your contact details to one of our brokers and also estimate how much you can save on your current home loan.