Welcome back to another episode of the 360 Money Matters Podcast!
Amidst rising interest rates, refinancing seems to be a good move to decrease your mortgage. But is it really all it’s cracked up to be? What is the great refining trap? Have a listen to find out!!
In this episode, we discuss the things you need to know before you consider refinancing. We’ll give you tips on how to decrease your home loan payments while still ensuring you pay off your loan term in the right time frame. We will also share some scenarios that can arise if you decide on refinancing.
If you are considering refinancing to lower the interest rates on your mortgage, this episode is for you!
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of AMP Financial Planning – AFSL 232706
Episode Highlights:
- Consider the interest rate
- Don’t forget to negotiate with your existing lender
- Considerations if you are selling a property
- Check your cash flow.
- How do offset accounts work
- Importance of knowing the loan term
- Match your existing loan term
