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refinance home loan |
The refinanced mortgage could also save you the cost of private mortgage insurance. If you put less than 20 percent down on your original mortgage, your lender likely saddled you with the coverage. If your refinanced mortgage is less than 80 percent of your home's value today—a likely scenario given current appreciation rates--you won't have to pay PMI premiums of $50 or more a month. Why Re-finance? By re-financing your current mortgage you can utilise a lower interest rate with another lending institution saving you thousands of dollars and years off your loan. Interest rates are not the only reason you may choose to change your mortgage, there are a host of features that may not be available through your current lender. These may include 100% offset account, line of credit, a good redraw facility, no monthly fees and an ability to split the loan. |
