How to Refinance a home loan - Loan Waves

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How to Refinance a Home Loan
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Introduction

• Refinancing a home loan can be useful in
  lowering the interest rate and thus help you
  save on your hard earned money in the long term.
  It is always better to know the ins and out of
  the refinancing i.e. the documents required,
  interest rate charged, term, any additional
  charges etc.
• Refinancing is the process of replacing the
  existing mortgage , with an intention to reduce
  the monthly interest rate or choose a different
  loan scheme. Using refinancing home loan
  calculator, one can calculate , the premium well
  in advance to check the premium amount.

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Benefits of refinancing a home loan

• Refinancing a home loan can be beneficial, in
  most of the cases, some of them are listed below
• One can save on your monthly interest rate
• You can pay your mortgage faster
• Short your loan term
• Borrow more money
• Consolidate mortgage

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Steps to Refinance your home loan
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1. Compare Home Loan

• In the first step it is better to compare your
  current home loan with the market rates.
• Check if it profitable for you to switch to the
  new mortgage lender.

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2. Ask for a better deal

• Check with your mortgage lender for a better
  deal. Which can assist you in lowering the
  interest rate.

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3. Compare the cost of Moving

• Compare the cost, interest rate of moving to a
  new mortgage broker . Check if it helps you
  save your hard earned money.

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4. Apply for a new home loan

• Apply for a new home loan with the new lender and
  complete the documentation process

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5. Exit the old loan

• Once the new loan is approved , exit the old home
  loan

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Contact Loan Waves

• Website https//www.loanwaves.com.au/
• E-mail ID info_at_loanwaves.com.au
• Contact Number 03 8538 1770, 0413 613 243

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Useful Links

• Mortgages Brokers vs. Banks The Pros and Cons
• Pros And Cons of Hiring Mortgage Broker
• What are the Benefits and Procedure to Refinance
  your Home Loan

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Thanks!