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What Are the Hidden Costs of Switching Your Mortgage to Another Bank?

Moving your mortgage to a new lender can result in financial savings, but you will need to pay a couple of fees here and there in the process. The main reason for moving your mortgage from one lender to another is represented by the financial advantages you get from the new one. A new lender can be more competitive as it can offer an attractive interest rate and payment term, and other accessible fees. In this article, we will discuss the fees you will have to pay for moving your mortgage. The Cost of Mortgage Discharge If you check your […]

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Pros and Cons of a Second Mortgage

Making huge long-term financial decisions can be difficult. You have to decide whether the second mortgage is worth the price. Before you put your home on the line, understand how second mortgages work, their cost and their downsides. The undeniable benefits of a second mortgage A home is an asset, if you understand its value and use it for your advantage. By getting a second mortgage, you are borrowing against the value of your property and use it to finance your financial needs or goals. You are simply using your home as collateral –again, just like the first time. But, […]

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Your Guide to Mortgage Refinancing

Mortgage refinancing means paying an existing debt and then replacing it with a new one. So why should someone do this? What are the financial advantages of such a move? Let’s find out in today’s article. Lower Interest Rate Mortgage refinancing can have many advantages, one of them being a lower interest rate. A high-interest rate can affect your finances like there is no tomorrow. Combined with big debts and other taxes, an interest rate can quickly transform your credit score into a bad one. So it’s no wonder why someone would want to replace a high-interest rate with a […]

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Downside of Refinancing

Does refinancing work? Will it resolve the financial issues you’re having?  The truth is this, refinancing without good financial planning cannot make a lasting change in your financial situation—it is only a temporary solution. First, let me tell you what refinancing can do. Refinancing can help you consolidate your debts, save on interests, invest into something that would bring good profits and pay for anything that you need. That’s exactly what every borrower struggling with multiple debts and bad credit look for, right? Well, perhaps it is but without a plan, that alone won’t save your finances from going downhill.  […]

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Does Getting A Second Mortgage to Finance Home Renovations Make Sense?

Home renovation is an umbrella term that covers all methods you use to renew or restore your home to its former good condition. Major house renovation Some might argue that a second mortgage is not the best solution for home renovation, as there are other loans you can use to make minor fixing, repainting and other simple projects to improve your home. However there are many things that would cost more than what a personal loan or any short-term loan could offer- roof replacement or repair, sewer line problems, and foundation problems. All of these projects are major repairs that […]

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Top Tips on Paying Off Your Mortgage Faster

Without a doubt, for many Aussies, a home loan accounts for the most considerable investment. It figures that many are looking for useful tips on decreasing the debt and paying the mortgage faster than anticipated. So, if you’re still thinking about how to pay your mortgage faster, keep on reading to find out! Make Frequent Payments Typically, the most obvious and simplest strategies in life are the most useful. So, the most straightforward answer to how to pay your mortgage faster is to increase the frequency of your payments. This is a simple, yet effective practice that actually reduces the […]

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Why Is Refinancing the Right Solution for You?

Being 100 percent loyal to your current home lender can cost you a considerable sum if you were to consider the course of the loan term. The good news is that, due to the competitive nature of the mortgage market, you can consider switching lenders, and find a better, more convenient loan refinancing solution. If you hadn’t considered refinancing until now, perhaps it would be high time you did so, since you could end up with a loan refinancing option which fits your needs better. There are numerous reasons why saying goodbye to your current lender may be an excellent […]

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Which is Better: Refinance or Second Mortgage?

If you want to borrow money using your existing mortgage, a refinance or a second mortgage can be your options. Here’s what you need to think about before you pick the right loan and how to make sure you get the best deal out of it. Refinance and second mortgage: The difference Refinancing means that you simply replace your existing mortgage with a new one that offers better rates or terms. The new lender pays off your existing mortgage, and subsequently holds the mortgage on your property. When you take out a second mortgage you are taking it out against […]

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3 Factors to Consider When Applying For Second Mortgages

Are you tempted to cash out the equity in your home by applying for a second mortgage? Before you fill up the application form, there are factors to help you decide if getting second mortgages is the right move for you. Purpose The most common uses of secondary mortgage are debt consolidation, home improvements and financing children’s education. You can also use it to boost your retirement nest egg. Take advantage of our low-interest refinancing mortgage to invest in your own retirement plans while taking advantage of the tax benefits and compounding interest. The proceeds of the second mortgages can […]

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Is a Second Mortgage a Smart Option?

The secret to getting the most out of your secondary mortgage is not entirely the amount, but how you use it to work for your best benefit. You know it is a smart option if you have the right reasons to obtain it. Here are 4 common reasons why borrowers apply for second mortgage (also known as a home equity loan) Access your home equity Whenever you find yourself in need of extra cash, the payments you made on your mortgage can actually be a life saver. Your home is one of your most valuable assets, and you can use […]

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