If you’re looking to refinance your home loan Wisdom Conveyancing can provide clear information and better rates to ensure refinancing success.
When refinancing you need to have your loan approved with your new lender and then organise your existing financial institution to discharge your current loan. Most financial institutions will require 14 days to discharge your loan after receiving a formal discharge request. Wisdom Conveyancing services can assist to organise this on your behalf to make sure there’s no delay in loan settlement. Your existing lender will provide a payout figure, and a date for your new lender to payout your existing loan will be organised. We will provide all of the required searches and certificates, and attend the final settlement to collect surplus funds. We will also ensure that the final figures have been supplied before the settlement has been carried out.
If you already own your home, you might be able to use the equity you have built up to buy a second home or investment property. You can refinance your home loan to access your usable equity, and then use this amount as a deposit to buy another property.
Qualification criteria typically include factors such as credit score, debt-to-income ratio, employment history, and the amount of equity in your property. Consulting with a mortgage lender or broker can help you understand your eligibility.
The refinancing process typically takes between 30 to 45 days, although it can vary depending on factors such as the lender’s workload, the complexity of your financial situation, and the property appraisal process.
Yes, refinancing usually involves closing costs similar to those incurred when you initially obtained your mortgage. These costs may include loan origination fees, appraisal fees, title search fees, and other expenses. It’s essential to weigh these costs against the potential savings from refinancing.
Member
Copyright © 2024 Wisdom Conveyancing | All Rights Reserved.
Developed and Managed By Technix
