If you’re considering refinancing, you may have a lot of questions. How do you get the best deal? Is this the best time to refinance? What options do you have? And most of all – how do you get started?
FinanceBeagle is your go-to partner for lending and refinancing. We connect our clients with the best loan providers for their situation. We have long experience in personal loan refinancing. We do the legwork so you don’t have to, and your dedicated loan specialist will have the answers you need to all your questions on how to refinance. Getting started with us is easy. Contact us today for more information.
How Refinancing Works
When you refinance, you take out a new loan and use it to pay off an existing loan. This is typically done to get a lower interest rate. The saving can be substantial. You will find an online repayment calculator on the FinanceBeagle loan broker home page that can assist you in comparing to your current loan.
The Most Important Tip on Refinancing
Refinancing is full of details, and it can have some surprises, too. The big tip on refinancing is to do thorough research to make sure you fully understand your financial situation, as well as any fees and costs that may be involved in the refinancing process. A trusted professional partner can be invaluable here – they can use their experience and specialised knowledge to help you find the solution that’s best for you.
Credit Score
Your credit score can have a big impact on refinancing. In particular, if your score has improved in the last 12 months, you may qualify for a longer term on your new loan, which would lower your monthly payment. Get up to date on your credit score, and if it needs improvement, do what you can to bring it higher in the early days, while you are doing research and looking into how refinancing works. This may help get you a better deal.
Debt Consolidation
This can be complicated, since you may be comparing multiple loans from different lenders. It is one of the leading reasons that people choose to refinance, but proceed with care and make sure you understand all the issues involved. Learning how to refinance for debt consolidation is an area where professional guidance can really be of big help.
Check With Multiple Lenders
When you’re looking for the best refinancing, it’s important to check and see what more than one lender may offer. Rates do vary, and you want to make sure you’re getting the best deal. Also, different lenders may have different qualification standards, which can work in your favour. Don’t assume that one lender’s offer will be the same as all the others.
Bringing it all Together
Refinancing can be a very positive step in your financial journey, but it needs be done right. Research everything – all the details are important. Make sure you understand the costs that may be involved, both in originating your new loan, and possibly also in terminating the old one early. Keep track of your credit score – if it’s not the best, you might want to consider waiting until it improves in order to get a better refinancing deal. Check with as many lending sources as you can – they are not all the same, and their rates and lending practices can sometimes differ by a wide margin.
FinanceBeagle is Ready to Help
We’ve shown many, many people how to refinance, and guided them to complete the process successfully. We know it can be confusing at times, and we have the answers – no question is too big or too small. We work directly with a portfolio of more than 30 high-quality lenders, and we can match you up with the one that’s best for you. You’ll work with a dedicated loan specialist who knows your needs and your situation. It takes just a minute to get in touch and get started.
Call us on 1300 225 525 or 07 38 849 577 for more information, or request a quote online. If you prefer, you can also fill out our online form, or email us at admin@financebeagle.com.au. We are here to make it easy for you.
