Refinance home loan

Refinance home loan

 

Home > Refinance home loan for property purchase extension and renovations

 

Refinance home loan options are an excellent way of raising money to buy a property, complete an extension or do some serious redecoration. With a refinance home loan you are not raising new capital so much as releasing your own capital to use in further developing your home.

How does a refinance home loan work?

If you have owned your own house for a number of years, unless you are very unlucky it will have increased considerably in value compared to its intital valuation when you first took out your mortgage. Your salary will also have increased during that time, meaning that mortgage lenders will generally be happy to lend you more money against your current house. ie you increase your mortgage and they give you cash. A refinance home loan gives you the capital you need to start other projects such as home extension, refurbishment.

Why use a refinance home loan?

There are a number of benefits in using a refinance home loan rather than trying to save your way to project completion

  1. You will be able to complete the project in a short time rather than waiting until you save towards an increasing target.
  2. You pay todays prices rather than those you will be charged several years down the road.
  3. With careful consideration, you can decide whether to extend the length of your mortgage or increase payments. You can therefore decide on the type of refinance home loan that suits you.

What should I use a refinance home loan for?

I always have a rule of thumb that while money raised against your house can be used for almost anything such as a holiday or business venture, money raised on the home should be spent on the home. If you want a business loan, get a business loan. If you want a holiday, save for it.

A refinance home loan is often a good option for making things happen fast when you want to improve your property. Check out the options from a number of mortgage brokers and see how refinancing can help you to create your dream home.

 

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