Refinancing & Home Equity Loans

Refinancing your property involves the replacement of your current mortgage with a fresh loan i.e you pay off your existing debt with new debt. It gives you the option of either staying with your current lender or switching to a new lender. When you refinance your property, you get the chance to get more favorable terms. To maximize this opportunity, it is essential that you get professional assistance. You will find great value in the experience and expertise on offer at Manuka Home Loans. Whatever your refinancing goals are, you can be assured that we will help you realize them.

Lower Interest Rate
A mortgage loan with a high-interest rate is unfavorable as you will have to make higher payments monthly. Refinancing such a loan is the best solution if you're in this situation. We will help you get a new loan at a lower interest rate. Interest rates are much lower than they used to be. For example, through an excellent refinancing process, we can help you go from a 7% interest loan to a loan of less than a 4% interest rate. This means that you will get to save up to 3% of your existing monthly payment. Refinancing is the way to go.

Consolidate Your Debts
Refinancing your property gives you the chance to consolidate your debts. Debt consolidation will make your life much easier and simpler. When you have multiple debts, they can become difficult to handle. Debt consolidation will allow you to roll up all your debts into a single debt. While your debts won't go away, you will no longer have to contend with several deadlines as you will be left with a single debt. Gone will be the stress of making multiple monthly payments. We will put you in full control.

Access Cash via Existing Equity
Refinancing your property is also good way to access cash via equity in your home. You can cash out a portion of your property's equity in a situation where you need money to buy another property, renovate your property, or for whatever you choose. Your property's equity can be described as the portion of your property which you own i.e the market value of your property minus the amount you currently owe on your mortgage. Refinancing your property can cause an increase or a decrease in its equity, whether the size of your loan changes or not.

Change The Term Structure Of Your Mortgage
With property refinancing, we can help you switch a long term loan to a short term loan and vice versa. When you shorten the term of a loan, you get to pay a higher monthly sum but at a lower interest rate. On the other hand, when you extend your loan's term, you get to pay a lower monthly sum at a higher interest rate. In the end, the total cost of a long term loan is higher than that of a short term loan. You may also change your rate type. You can go from a variable rate to a fixed rate.