Is it a good idea to refinancing your home loan now?
Why refinance and how should you get started?
If you have an existing home loan or mortgage on your home, it is a always a good idea to revisit your mortgage terms annually. You don’t have to keep watching it like a hawk, but once a year, it would be advisable to check the current interest rates, and deals that are put out by both private lenders and mainstream banks.
Mortgage Rates & Terms Can Change Substantially Over A Year
Or even within a few months!
Be it macro-economic factors (such as GDP & employment rate indices), or social developments (such as Covid and other societal impacts), the lending industry is not spared from these factors. Just like retail and other industries, the lending industry can fluctuate in performance and it reacts to the present socio-economic needs.
As a result, lending interest rates and all associated mortgage terms, can substantially change over a period of time.
This is why you should keep close tabs on current developments. One can save substantially on mortgage costs by wisely and efficiently reading the times – and choosing the best mortgage or home refinancing options available at any time.
Is Private Refinancing A Good Option?
The simple answer is Yes. Mainstream banks can offer competitive interest rates but they also have very stringent requirements and intensive credit checks. Many Australians have found it very difficult trying to secure a bank home loan. Especially if you are self employed or have had credit issues.
This is where Private Lending comes in.
A Private Lender often does not require as much documentation as the banks would ask for. In fact, many private lenders are quite flexible when it comes to qualifying a borrower.
Private lenders aim to assess borrowers based on individual scenarios, with the goal of achieving a win-win situation between the lender and the borrower.
Due to the risks involved in private lending, a certain level of assessment is still necessary. It’s just not as stringent a set of criteria as what a bank would use.
Speak to Gryphon Financial Today About Refinancing Your Home Loan.
If you have tried the banks and are unable to secure a loan for your purposes, then private lending may be a viable option for you. Gryphon Financial is Australia’s Trusted National Lending Specialist.
We work with bad credit individuals or self employed clients who find it impossible to borrow from the banks. Property with equity is still required as a security against the loan, but you will find us easy to work with in resolving your difficult situation fast.
Contact us today.
Trusted National Private Lending Specialist