Prime Rate Mortgage Refinance

Case Study

Save frustrating hours of mortgage research - simply tell us what you're looking for in a home loan and we'll find the best refinancing options for you.

Find answers to your questions about mortgage refinancing:

• Why consider mortgage refinancing?
• Who does mortgage refinancing suit?
• How does mortgage refinance work?
• What are the benefits of mortgage refinancing?

John and Elisabeth purchased their property 10 years ago.

Over time they developed $85,000 worth of credit card debt after a couple of overseas trips and their daughter's wedding.

Their minimum monthly repayments were $3638 and they were finding it increasingly difficult to manage to make ends meet.

A snapshot of their accounts revealed the following:

Why Consider Mortgage Refinancing?

Consider mortgage refinancing if you want:

• a better interest rate on your mortgage
• to reduce your monthly mortgage repayments
• to make use of your home equity to give you access to money for things like a home renovation, new car or a wedding

We can help you find a new home loan to better meet your needs.

Refinancing your mortgage will allow you to consolidate high interest rate debts (such as credit cards and personal loans) into your new home loan.

What does that mean?

• an immediate saving on interest payments
• home loan interest rates tends to be far lower than other forms of credit
• credit cards could be charging interest rates near 20%
• we may be able to help you refinance your mortgage at an industry-leading interest rate of 5.99%

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John and Elizabeth contacted Smart Link after being fed up with the calls from the credit card lenders.

They applied for a mortgage refinance loan for $315,000 to consolidate all their debts into one monthly payment.

The mortgage refinance loan was over a 30 year term and consolidated all their debts into one convenient minimum monthly mortgage repayment of $1889.

This compares to what they were previously paying, namely $3638 per month.

This is a significant saving of $1749 per month.

Currently they are paying the savings off their mortgage and saving themselves thousands in the long run.

Smart Link has relationships with a large variety of lenders who may be able to provide you with a mortgage refinance loan that will help you get your debt back under control.

 

Who Does Mortgage Refinancing Suit?

A prime mortgage refinance may be available to you even if you fit into one or more of the following categories:

• Short-term employed or not employed long enough
• Irregular income
• Self employed
• Government Allowance
• Declined by another lender
• Pensioner
• No financials
• First home buyer
• Limited savings history

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How Does Mortgage Refinance Work?

A mortgage refinance is the process of applying for a new loan on your current property and using this new loan to pay out your current mortgage and any other debt you may have.

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What are the Benefits of Mortgage Refinancing?

The benefits of mortgage refinancing may include:

• paying off your mortgage faster
• reducing your monthly repayments by extending the length of your mortgage
• a lower interest rate or more favorable terms than your current mortgage
• consolidating your credit card and personal loan debts into your mortgage to take advantage of the lower mortgage interest rate
• the ability to draw additional funds against your property for expenses of a personal nature

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