Refinancing mortgage finance debt consolidating Adult free phone hookup
Your home is likely to be one of your most valuable assets, and by harnessing home equity you have the opportunity to build additional wealth or simply achieve personal goals. Refinancing your home loan can provide an opportunity to streamline your debt, and potentially reduce the overall interest you're paying on multiple debts through the process of 'debt consolidation'.It means folding several high interest debts into one lower rate debt – which could be your home loan - and this may reduce your total monthly repayments.This means you either refinance with your existing lender by negotiating a better rate, or you switch to a new lender to take advantage of different features or service- both of which can help you access funds to buy your new wheels.
Many home loans today have a redraw facility to enable you to access the funds that you've made in additional repayments.Interested in a new petrol-guzzler or environmentally-friendly vehicle but not sure how to pay for it?Refinancing your home loan or leveraging the right features could be the answer, but there are some things you should be wary of before taking action.Having multiple debts means juggling lots of different repayments.The video below outlines some of the benefits of refinancing to consolidate debt.
Calculate what the repayments would be over five years at the same interest rate as your home loan and then add this to your home loan in the form of extra repayments each month.