Refinance Loans

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Refinance Loans

What Is a Refinancing Loan?

When a loan is refinanced, you’re replacing the original loan with a new one in its place. This new loan could have better borrowing terms in relation to APR or length of time to repay the note.

Another way of refinancing the loan would be to use a different lender to grant the new loan in place of the original one.

There are certain advantages for employing a loan refinance and as experienced home loan brokers we’ll cover everything you need to know below.

“Zanda Wealth refinanced my existing home loan and managed to score a much better rate and terms with another lender. I now pay much less interest than I was previously!”

Cumberland Park

Reasons To Refinance Your Loan

  • Pay Less Interest: You can find better borrowing rates when you refinance a loan. For instance, you can lower your APR rate to get better terms.
  • Increase Your Borrowing Amount: You can find a higher borrowing limit with a refinance loan from your original lender or with a new one.
  • Debt Consolidation: You can round up multiple smaller debts into one large refinanced loan to possibly get a lower overall APR on what you owe.
  • Get a Package Deal: Switching all of your loans and banking business to one institution can save you money on loans and discounts on banking services such as checking and credit cards.
  • You Can Restructure The Terms: Instead of paying on both principal and interest when you make your payments, you can switch to interest-only payments and pay the principal off with a lump sum payment at the end.

What To Look For When Refinancing

Prior Approval On Loans Is Not Indicative Of Future Loan Approval Success

A lot can happen between your initial loan approval and your application for loan refinance. You may have taken on more debt in the form of credit card or car payments. Your income might have gone down in that time frame and you may have missed a payment or two on your original loan. These situations all come into play when a lender is looking over your creditworthiness.

Hidden Costs Of Loan Refinance

Some lenders have penalties for refinancing your loan and especially so if you’re going with a new lender to refinance it with. As a general rule, you should always look over your loan contract to scout out these fees and costs before refinancing. You can add these costs in with your new loan and can ask for a little more money to cover these costs when factoring in how much you want to ask for in the refinance.

Obsession With Lower Interest Rates

Many times, these lower interest rates will come with additional charges and fees during the life of the loan. Banks have to make up the cost on losing a little interest and these fees are one of the ways that they do this.

Refinancing Your Mortgage

We Pair You Up With a Loan That Makes Sense For You

We will look at your entire financial picture and cover all of the bases. What’s your end goal financially-speaking? Are you looking to retire in a few years? Are you looking to get into real estate investing? These are some of the questions that we’ll ask you during your strategy session.

We’ll look at the numbers and advise whether or not it’s beneficial to get a loan refinance. Putting someone in a loan refinance is not our ultimate aim here, your peace of mind and our integrity is what’s important to us.

To summarize, loan refinance is a good way to get one step ahead on your mortgage(s) as long as it makes financial sense to do so.

Always be mindful of bloated loan terms with astronomical fees attached to them and the unscrupulous brokers who always put the lender and the acquisition of the refinance loan over your economic situation.

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