At Free Yourself From Debt Melbourne, we help you repay debt through mortgage refinancing and debt consolidation. For many in dire debt situations, this is a smart financial decision.
What is Mortgage Refinancing?
Why is refinancing your mortgage in Melbourne often the best debt solution?
A mortgage refinance is where you pay off your first mortgage by taking out a second. Despite sounding like a parody of fancy financing, this is actually the most renown and respected way to pay off your home loan faster.
Free Yourself From Debt is a highly experienced and professional negotiator of mortgage refinancing, and we consistently have great success at securing deals with banks that save you a lot of money. These are the financial benefits that mortgage financing can bring you:
You Have The Choice To Switch Creditors
If you have had a bad experience with your lender, then mortgage refinancing gives you the chance to switch to another bank or other financial institution. We understand that in many cases, debt collectors can be highly pressuring, even aggressive when demanding payment. We will guide you towards the best creditor to switch to if another one can offer you a better home loan deal.
Home Loan Benefits From The Lender
Creditors, banks and lending institutions often offer you benefits for switching to them or staying with them when undertaking mortgage refinancing. They want to be your creditor, because it’s their source of revenue, so they will offer you incentives to go with them. These include, asides from lower interest rates: a rest period before your next payment is due, flexible payment terms, a lowered debt amount, lenient penalty rates and more.
A Lower Interest Rate
One of the main reasons that people in debt opt for mortgage refinancing is lower interest rates. It sounds unbelievable but you are virtually assured a lower interest rate when undertaking mortgage refinancing as according to the process whereby you of course have a choice of whether to accept an offer from a lending institution.
We at Free Yourself From Debt negotiate personally with your creditor and other lending institutions to get you the best deals. It is then up to you (with guidance from us), which home loan deal you wish to take. Whichever has the lowest interest rates, and the best benefits. You may get a nice surprise when you calculate how much money you will save over the course of the loan with your new lower interest rate, and how much sooner it will be until it is all repaid.
Get Access To Your Home’s Equity
Lower interest rates mean paying off your home loan faster. Essentially, this means buying more and more of your house, and the more you ‘buy’, the more financial security and stability you will have.
Banks and other lending institutions consider your ‘equity’ when deciding if you are financially viable (whether you are likely enough to repay a loan, if they lend it to you). The more of your home that you have purchased, the more equity that you have. That is, the more assets and less liabilities. The ability to get another loan if you need one, i.e. for unexpected expenses, losses of income and emergencies is one of the keys to financial security.
When Is Mortgage Refinancing The Right Debt Solution? And When Should You Consider Other Options?
Mortgage Refinancing can reduce debt repayments, but when can it be bad for your finances?
We are greatly in support of mortgage refinancing because we’ve seen it work to reduce people’s debt and improve their lives so many times. But we are a professional mortgage refinancing agency that pursues top results, so we always tell people when refinancing wouldn’t be their best option. Then again, there are very many cases where refinancing does make financial sense, and we recommend it to people in these cases because it can help them greatly.
When refinancing Can help you greatly:
Changing from a variable to a fixed rate at an opportune time (a technique that we often employ to greatly benefit our customers).
You want an opportunity to consolidate your other debts as well, through debt consolidation.
You confront unexpected expenses or unexpected loss of income and need more money/less bills urgently.
Your creditor’s rate is higher than others in the market and you think that you can get a better deal.
You don’t like your creditor for other reasons, such as that you feel that they are too pushy for your repayments.
When refinancing can help you less or not at all:
You have uncertain income over the period of the loan and you may not be able to make repayments.
The penalties for exiting your current home loan prematurely are so high that no deal would benefit you financially.
You are almost completed repaying your home loan.
Your credit history has seen a downturn since your current home loan, making you unlikely to get a better rate.
If it just doesn’t add up. Sometimes, the interest rates and other benefits offered just aren’t substantial enough to outweigh the expenses of entry and exit fees, legal fees, application fees, valuation fees and etc. Free Yourself From Debt helps you with this crucial calculation.
Using Mortgage Refinancing As An Opportunity To Consolidate Your Debts
Debt consolidation can reduce the interest rates and quantity of all your debts, along with mortgage refinancing
Free Yourself From Debt provides another key debt reduction service that can be accessed at the same time as mortgage refinancing: debt consolidation. For those eligible, this combination really is the ultimate debt solution. Debt consolidation works like this:
Debt consolidation is where you take out a loan to pay off your other loans. It’s like mortgage refinancing but it has the added effect of combining any amount of debts into one single debt. Not only does this have the convenience of only one bill and one payment date per month, but it actually lowers the interest rates and even the gross amount of your debt. Lending institutions and banks reward you for consolidating your debt because they appreciate the certainty that you will be able to pay back your debt if a respectable institution like Free Yourself From Debt has given you this opportunity and this guidance. We negotiate with creditors to secure the best debt consolidation deal for you.
Should I Consolidate My Debts? Would It Benefit Me?
Debt consolidation can bring enormous financial benefits and debt relief, but you must follow the budget
Debt consolidation can benefit many people who are struggling under the weight of multiple debts. Too many people don’t even realise that they can access lower interest rates overall and only have to pay one bill per month by consolidating their debts.
But, the thing you have to consider, in deciding whether debt consolidation along with mortgage refinancing is right for you is:
This will increase the amount in your mortgage, so if you consistently miss payments, you may actually end up paying more than you would have through interest rates. The key is budgeting, which we will help you with of course, but it is up to you to follow the manageable, easy-to-follow budget that we create with you.
Free Yourself From Debt Can Get You The Best Deal In Mortgage Refinancing
We negotiate with lenders and creditors on your behalf to save you money and improve your standard of living
We at Free Yourself From Debt know that managing debt can be hard. Not just in terms of cutting spending, but by having to manage your finances and make complicated multivariate decisions about things that most of us don’t have a degree in. Well that’s ok, because that’s our speciality. Free Yourself From Debt has all the expertise to get you the best deal on your mortgage refinancing or debt consolidation. This includes the largest debt reduction, the lowest interest rate and the most extra benefits.
Think about how your life could change if you were just given some debt relief. Call Free Yourself From Debt today to find out more about our mortgage refinancing service and debt solutions on (02) 9011 7919.