Refinancing is the process of replacing an existing home loan with a new one. It means your existing home loan is paid out and replaced with a new home loan. This is different from a second mortgage, where you draw on the equity you have built up in your home. Refinancing is all about giving you greater flexibility and saving you money in the long term.
Refinancing your home loan could save thousands of dollars over the life of your loan. There are a number ways to reduce the interest you pay on your mortgage. It is well worth shopping around for a lower rate and more product features.Read More