For those in debt looking for financial freedom, Free Yourself From Debt Perth can help you repay your debt faster through mortgage refinancing and debt consolidation.
What is Mortgage Refinancing?
Why is refinancing your home loan often the best debt relief solution in Perth?
Mortgage refinancing is where you take out a second mortgage to pay off your first, and then you are left with just one mortgage, but a different one. Despite sounding a bit complicated and silly, mortgage refinancing is actually a well-proven way to pay off your home loan faster that is respected by banks and other financial institutions. Free Yourself From Debt is renown for negotiating debt solutions with banks and other financial institutions that reassure your creditors and also save you large amounts of money. There are several large financial advantages to mortgage refinancing with Free Yourself From Debt:
It’s An Opportunity To Switch Creditors If You Wish
Many debtors have bad experiences with their creditors. This often involves harassment by debt collectors, who too often use overly aggressive tactics to extract payment. If you decide to switch creditors, we will guide you into the right choice by evaluating your relationship with your current lender and also the deals that you can get with other creditors.
A Lower Interest Rate (!)
Lower interest rates are of course, one of the main draws of mortgage refinancing. This can save you enormous amounts of cash over the course of your loan. You may not believe it, but if you havn’t done mortgage refinancing, there is most likely a better interest rate deal on your home loan awaiting you right now, that you could be getting.
Free Yourself From Debt negotiates a better interest rate and other benefits for you with your creditors. We are professionals at negotiating with financial institutions, so we can negotiate with them on a level playing field, so that you can get a deal that is not only fair, but the best deal within your means. It is still ultimately then your choice however as to if you would like to take this deal, or wait for a new one.
A lower interest rate is something that is so highly regarded and sought after by people with home loans for good reason. When you do the math you will realise than even a fraction of a percentage point decrease in interest rate can save you large amounts of money over the course of your loan repayments, and cause you to pay it off well before you expected to. And Free Yourself From Debt aims higher than just a couple of percentage points when negotiating your loan.
Additional Benefits From Creditors
Banks and other lending institutions will be competing for your pick of who you want to hold your debt. And this is why they will not just be offering low interest rates to get your pick, but also additional benefits for you to enjoy. They will often offer to reduce your amount of debt outright, soften the penalty rates, give you a rest period before you have to start repaying it, and also flexible payment terms.
Access To Your Home’s equity
The more of your home loan that you pay off, the more of your home’s equity that you get access to. What this means is, that say you’ve only repaid half of your mortgage. That means that you still don’t ‘own’ the other 50% according to financial institutions. They want to see that you don’t just legally have something in your possession, but that you have actually bought and paid for it. But you have done that for the other 50%, so that is ‘equity’.
Equity is one of the pillars of financial stability and financial viability. It is wealth in the form of houses, hard cash, etc. that shows banks that you will be able to pay them back if worst comes to worst, so it makes them happy to lend to you. And the point of this is, that being able to borrow money definitely does help when worst comes to worst.
Is Mortgage Refinancing The Right Debt Solution For Me?
Mortgage Refinancing can be the best thing that ever happened to your home loan, but when is it not the right option?
We at Free Yourself From Debt are all for mortgage refinancing because we’ve seen first hand the relief it can give to people and families struggling under the weight of debt. It can improve finances dramatically, and more importantly, it can improve lives.
But there are some cases where we don’t recommend mortgage refinancing as the best option. This is because we are a professional agency who pursues the best results. But keep in mind, that in a lot of cases we do ardently recommend mortgage refinancing. Here is a rundown of the criteria we consider:
When refinancing can greatly help you:
You encounter unexpected expenses or loss of income and need financial relief immediately.
You feel that your creditor is mistreating you and you would like to change to a different one.
Your current rate is higher than others that you know of and you think that you can get a better deal. Often this occurs a period of time after you have taken the mortgage, when the rates of other home loans and even your own may change.
It is the opportune time to change from a fixed to variable rate loan. (This is a technique that we use to save our customers large amounts of money.)
You have multiple debts and too many bills and wish to consolidate them into just one easy-to-manage debt. Mortgage refinancing can be a part of debt consolidation.
When refinancing can help you less or not at all:
You have almost completed paying off your mortgage already.
The penalties for exiting your current home loan are too high.
You will have uncertain or irregular income over the period of the loan.
Your credit history has worsened somewhat since taking your current home loan, making you unlikely to get a better one.
If it doesn’t add up. The savings must outweigh the entry and exit fees, legal fees, administration fees, etc. Free Yourself From Debt helps you with all these essential calculations and in most cases, they all turn out in the green. Mortgage refinancing is in most cases, the best choice.
Consolidating Your Debts Along With Mortgage Refinancing
Mortgage refinancing involves taking out a second home loan to pay off the first, causing you to switch home loans in effect. Debt consolidation is another financial solution of Free Yourself From Debt that is of a similar principle and can also save you large amounts of money over the course of your debt repayments, and have you repay your debt far in advance of when you expected.
Debt consolidation involves taking out a loan to repay multiple loans. So effectively, all your original multiple debt are combined into just one debt held by one creditor. Free Yourself From Debt often encourages customers to consolidate their mortgage along with their debts, so that the combined benefits of mortgage refinancing and debt consolidation can be experienced.
What Are The Benefits And Potential Downsides of Debt Consolidation?
The benefits of debt consolidation far outweigh the downsides in the majority of cases. Here they are so that you can evaluate it for yourself:
The benefits of debt consolidation:
Only one debt per month. That’s right, just one debt to remember to pay each month, not a continual barrage of bills around the clock.
Lower interest rates overall. That’s a certainty. Free Yourself From Debt negotiates with banks and other lending institutions on your behalf to negotiate a deal better than the ones you currently have on your debt.
It can even provide you with additional benefits, like flexible payments, lenient penalties and a lower debt amount overall.
The downside of debt consolidation:
It will increase the size of your mortgage (when consolidating along with your home loan). So if you consistently miss payments, it may end up costing you more in the end because it takes longer to pay off. Thankfully, Free Yourself From Debt will draft with you an easy-to-manage budget around the monthly payments that you can follow for near surefire financial success.
Free Yourself From Debt Can Improve Your Finances And Your Life Through Mortgage Refinancing
We negotiate with lenders and creditors with professionalism that will get you the lowest interest rates and best home loan and debt consolidation deals
We at Free Yourself From Debt know how complicated managing debt is. It’s our job and we have dedicated our whole careers to managing these complexities. But the good thing is that you don’t have to. No longer will you feel the angst of suspecting that a better home loan deal is out there but you don’t have the financial knowledge to seize it. Free Yourself From Debt knows how to do it for you. We will get you the largest reduction in debt, the most additional benefits and the lowest interest rate on your home loan and debt consolidtion.
If you can imagine how much your life would improve with a reduction in debt, call Free Yourself From Debt today and ask about our mortgage refinancing and debt consolidation services on (02) 9011 7919.