Legal review of Section 32 and Contracts of Sale
Legal review of Section 32 and Contracts of Sale
Refinancing may let you take advantage of the lower interest rates or make available features and benefits you don’t currently have. If your financial and/or lifestyle situation has changed since taking out your loan, refinancing to a new lender and/or loan could potentially allow you to benefit from savings.
The opportunity to reduce interest paid on the term of your loan is a big driver. That said, it is important to be thorough with calculations of the costs associated with refinancing and calculate your total payments to forge an accurate picture.
You can access the equity in your home, set up a line of credit based on the value of your home and the amount that you’ve already paid on your mortgage. There are a myriad of reasons you may wish to do this. The interest rate is equal to your mortgage rate, so borrowing from the equity in your home tends to be the most cost-effective financing option available to homeowners.
Choosing the right loan with the ability to pay more off each month can contribute to paying down your debt sooner. Not all loan products allow this.
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