The Jones’s next door just refinanced to an Awesome rate!

Refinancing_is_it_for_me
Refinancing a loan can take advantage of lower interest rates to bring down the overall cost of servicing a loan. But it’s not always the best, or the only, option.
There are many different factors borrowers need to consider when thinking about refinancing a loan.
The first step is to speak to an expert about your needs and whether you can afford to service a different loan structure.
At this point, an Awesome Lending Solutions Credit Adviser will also need to find out about your existing loan, repayments and the structure of the facility.
The current value of the property is also taken into consideration, so the credit adviser will have access to current data that will indicate what the asset is worth.
Then credit consultants will have a look at the various loan options and figure out whether it’s worth it for the borrower to refinance. It’s not usually worth it if it’s only going to save a couple of hundred dollars a year, taking into consideration exit and application fees.
But if it’s going to save upward of $1000 a year, refinancing might be a sensible approach.
Another critical consideration is lenders’ mortgage insurance (LMI). If switching loans means you will need to pay LMI again, sometimes it’s not worth refinancing.
If you want to refinance just to lower lending costs, ask Awesome Lending Solutions to negotiate with the bank for a lower rate.
If you do decide to go down the refinancing path, working with a credit consultant rather than going straight to a bank has advantages because the adviser has access to loan options from scores of different lenders.
Awesome Lending Solutions can compare lots of different banks and, if there is a better opportunity, they’re able to access it. Credit advisers are always working to give you great advice that’s in your best interests.

About Rebecca Mitchell

Mortgage Broker Gordon & Principal of Awesome Lending Solutions Rebecca is extremely experienced in the finance industry with various roles over the last 20 years. She has a passion for customer satisfaction and ensuring clients expectations are met. Rebecca is the primary mortgage broker at Gordon Since deciding to become more directly involved with clients and to become a mortgage broker in the last twelve months she has already assisted over 80 clients by facilitating home, investment and commercial loan approvals. Many involving complicated structures and sophisticated investors. Also to holding over 30 lender accreditation’s, Rebecca also contains the following finance qualifications and accreditation: Diploma of Financial Services Certificate IV in Financial Services Full Membership of Mortgage Finance Association of Australia (MFAA) Accredited Mortgage Consultant Member No. 142179 (MFAA) Uniform Consumer Credit Code, Compliance Essentials and Privacy Act courses Is a licensed Australian Credit representative number 407515 Member of Credit Ombudsman Services Limited Professional Indemnity Insurance against any claims up to $10,000,000 Member of AFG, the largest financial aggregator in Australia.

Discuss