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Refinance It Main

Refinance It

Refinancing simply means paying off your original mortgage and replacing it with a new one. If you are a homeowner, refinancing your mortgage can be a real money-saving strategy. Most banks offer a range of cash incentives to entice customers to refinance. In some cases, these incentives will cover costs of breaking the current mortgage and legal fees with possible surplus cash for you. So you may end up with a better interest rate and a little more cash. Talk to us and see if there are savings to be made.   


Why should you consider refinancing? 

To secure a better rate 
The usual motivation behind refinancing is to get a better deal in terms of interest rate, fees, and overall experience. Sometimes the loan you signed up for was a good deal at the time, but with the constantly changing market environment, rates may drop. Smart homeowners are always on the lookout for lower rates to save hundreds, if not thousands of dollars every year on interest or mortgage payments. 

To Tap Into Home Equity 
There are times when cash flow may be a bit low, and homeowners wish to top up or secure a line of credit using the equity in the home. This money may be used to pay for a big expense such as another home, college costs, remodeling, a dream vacation or paying off high-interest debt. 

Debt Consolidation 
It's no secret that credit card debt is a problem for many people. With the high-interest rates on cards, it becomes difficult if not impossible to pay off this debt. Refinancing allows for all the debt to be put in one place, making it easier as only one payment is made monthly instead of several ones. 

Pay Loan off Sooner 
If interest rates are falling, refinancing your loan can shorten its term without changing the amount you pay monthly. For instance, refinancing from 9% to a rate of 5% for a 30-year fixed rate mortgage on a $200,000 home reduces the term to 15 years with no significant increase in the monthly payment. 

At Own It Mortgages, we're committed to making you feel confident in the refinance decisions you make. No matter how your mortgage is structured, get in touch with one of our mortgage brokers and they will do their absolute best to find the best deal for you. 

How to pay down your mortgage faster

If you can afford to pay one extra payment a year (lump sum) or pay a little extra every month on the principle balance, this helps decrease the amount you owe on the mortgage. Again, it gets you on the road to better cash flow and financial freedom. For example, if you increase your payments by a small amount of  $85 per week, not only do you repay your mortgage 10 years earlier but you will also save over $100k in interest payments. 

   Here is an example: 
What is the value of your home and what do you owe on it? Real Estate Agents offer free appraisals when listing your home, or if you prefer you could employ a Registered Valuer to value your home and will provide a comprehensive report with comparative sales. Check property values through your city and town, If you have a good deal of equity in your home, it's a good time to buy! You may use that equity to purchase another home or the vacation home of your dreams

What about home equity?

This is the value you have in your home (land and house, excludes contents such as furniture) minus your mortgage and any lines of credit on the house. For example, if your home is worth $500K and you owe $200K, you will have $300K of equity. This equity can be used to 

  • Consolidate debt
  • Purchase an investment property
  • Purchase an asset such as boat or caravan 
  • Home improvements 
  • A vacation away  

Our mortgage advisers are here to answer all your pressing questions. We can take a look at the home you have versus the one you'd like to buy and assist you in making that dream a reality.  We take your entire financial situation into account and guide you towards the best option for you. So you can Buy It!

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The Mortgage Process

Pre-qualification

Work out how much you can afford to borrow.

Pre-Approval

Gather information & paperwork to obtain a pre-approval

Figure out where to buy

Start looking for a home and make an offer conditional to finance. Think about any other conditions you may like to put on your Sale and Purchase Agreement such as builders report, Registered Valuation and a move in date

Finalise all conditions to purchase

Finalise finance, arrange inspections and valuations as required

Going unconditional

make sure you are happy with the above inspections and reports, if so, then you are ready to unconditionally purchase this property

Closing

Talk to us about the best ways to pay off your mortgage and chat about how risk insurance may benefit you

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  • Refinance It

    Refinancing simply means paying off your original mortgage and replacing it with a new one. If you are a homeowner, refinancing your mortgage can be a real money-saving strategy. Most banks offer a range of cash incentives to entice customers to refinance. In some cases, these incentives will cover costs of breaking the current mortgage and legal fees with possible surplus cash for you. So you may end up with a better interest rate and a little more cash. Talk to us and see if there are savings to be made.

    Learn More

What do our clients think?

  • Catherine and Esera

    My partner and I were considering buying a house as we were paying a lot for rent, and we were due to have our first baby. Lorna welcomed us into her office and was so easy to talk to. She made us feel comfortable straight away. We knew nothing of the process of buying a house so it was a relief to know that Lorna would handle everything. And she did help with everything - from helping us with Kiwisaver, housing subsidies and lawyers, to drawing up a budget, insurances and our wills. I really felt that Lorna fought for us, making sure that we got the best deals around, she really looked after us. Lorna kept in constant contact with us, making sure we fully understood each process. I will always appreciate the wonderful experience we had buying our house, not only because we are homeowners, but because the process was made so easy with Lorna and the wonderful team at Prosper.'

    Catherine Kiel and Esera Filipo

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