When you’re struggling with debt, it can often feel like there is no reprieve in sight. No matter how bad things get, there are always options available to you if you know where to look. Refinancing your mortgage can be a good way to reduce your level of debt, and increase your financial strength. Here’s some information to help you decide if a mortgage refinance is the right solution for you.
What Does It Do?
Refinancing your mortgage allows you to use the equity in your property to pay off your other high interest debts. The way it works is that you apply for a new loan on your current property, which you can then use to pay out your existing mortgage and any other debts you have accumulated.
What Are the Advantages of Refinancing?
There are many advantages to applying for a mortgage refinance. The main benefit is that all of your debts are consolidated into one monthly payment, with one low rate of interest. This helps you to pay off everything much faster, and will bring you ahead in the long run. It also extends the length of your mortgage, which reduces your monthly repayment. This can be a lifesaver for anyone who is currently struggling to meet their repayments.
Often, a mortgage refinance can offer a loan at a much lower rate of interest than your credit cards or personal loans. It is also likely to have more favourable terms than your current mortgage loan. Save time and money by focusing your efforts on one monthly repayment with low interest, instead of juggling your current mortgage, personal loan and credit cards and feeling like you can never quite get ahead.
How Do I Start?
The best way to begin the process of refinancing your mortgage is to speak to a professional consultant. Fox Symes is one of the leading debt solutions providers in Australia and can help you with a range of services, including mortgage refinancing. They will assess your individual situation and determine what the best course of action is for your personal needs. In addition, they can make sure that there are no hidden fees or costs, your payments have been genuinely reduced, a serious long term benefit has been established and that you will regain control over your various debts by the end of the term.
Their website provides a range of useful tips, articles and information on all of their services. Go to foxsymes.com.au to find out everything you need to know in regards to refinancing your mortgage. By using their quick and easy online enquiry form, you can organise a free phone consultation with one of their friendly and professional team members.
This quick guide can give you a basic idea on whether mortgage refinancing could be an option for you, however you should always seek professional advice before committing to any kind of loan. For further information and assistance with the mortgage refinance process, as well as budgeting assistance and other debt solutions, contact Fox Symes. Their experience in the industry and dedication to reducing your debt will allow you to regain control of your finances.