Mortgage Refinancing and Debt Consolidation

Thinking about mortgage refinancing or consolidating your debts?
Are your credit card debts getting difficult to manage?
If you are have a number of loans (i.e. mortgage, credit cards, personal loan, car loan etc) then refinancing your existing mortgage or home loan may be an option for you.

Refinancing can be very effective when

	You already own a property and are struggling to pay your existing mortgage,
	You have a credit card loan, a personal loan, a car loan and a home loan and the repayments have become a nightmare,
	You wish to raise some cash for another property, a car or some other purpose, or
	If you are planning some home renovations or maybe an extension.

If any of the above situations apply to you then mortgage refinancing may be the solution you’ve been looking for.

Refinancing is where a new loan is taken out on your already mortgaged property and used to pay out your existing home loan. It is not always necessary to use a different lender, but if this is the case, then this new lender will organize to payout your existing loan and ensure that the transition from one lender to another goes smoothly.

So why refinance?

There are numerous reasons for refinancing a home loan.

	It might be to take advantage of a new loan on the market that offers more features such as a flexible redraw facility that your current loan doesn’t offer;
	To change to a loan which offers a lower interest rate;
	To change from a fixed to a variable interest rate if you are comfortable with the risk that interest rates may change;
	To change from a variable to a fixed interest rate if you would rather have the certainty of knowing how much your repayments will be for say the next three years;
	You realize that your current home loan isn’t working for you. Some people, for example, may find it too tempting to access the ready source of funds that a “line of credit” loan offers;
	You find that the equity in your home has increased substantially over
	the last few years and you have decided to use some of this to purchase another property, or buy a car or to realize some other personal goal;
	You may wish to extend the term of your loan and reduce your monthly repayments;
	To consolidate credit card debts and any other loans you may have into one mortgage. By doing this you only have to make one monthly repayment and may well end up paying less per month than your current amounts;
	To raise the funds to pay out a partner in the event of a marriage separation.

Park First Home Loans has been helping customers successfully refinance their loans and reduce their personal debt since 1998. Our staff will happily answer any questions you have about refinancing. After all, we realize that every person’s situation is unique and that specialist assistance is required to ensure that each customer receives the best possible outcome

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