Why would you refinance? (Other than to get a lower rate)
According to the ABS, the number of people refinancing their mortgage increased by over 63% in the year to May 2020. Quite often people think the only reason to refinance is to obtain a lower interest rate. However, this thinking is incorrect. Typically, you don’t need to refinance to obtain a lower interest rate (more about this below). As an experienced investor myself, I can tell you that there are far more important reasons to refinance your loans.What is a refinance?This might sound like a basic question. However, there are two types of refinances; internal and external. A refinance…
The skinny
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