emoney Home Loans

emoney Finance

Key Benefits

+ Over 500 mortgage products.
+ They could accept borrowers with a lower credit score (depending on situation).
+ They offer a range of low and high doc options.

Drawbacks

x They do not offer large loan amounts.
x Many products have discharge fees.
x Limited extra repayment options

FAQs

What is the benefit of refinancing a home loan?

There is a range of benefits to refinancing your home loan. It can allow you to take advantage of a better home loan deal, unlock equity in your home, reduce the fees you pay, simplify your repayments (especially if you’re consolidating multiple debts) and even shorten the term of your mortgage therefore reducing your interest payments.

What fees are involved in refinancing a mortgage?

Some common costs of refinancing include application fees, valuation fees, registration fees and discharge of mortgage fees.

What is the process of refinancing a home?

The first place to start with refinancing is to assess your current financial situation to ensure it’s the right choice for you. Then, you generally start by contacting your existing lender to see whether they could improve your current home loan deal. If they are unable to provide an alternative, you would then work with a broker to compare other home loans on the market. If you find a better option, you would apply for your new mortgage and exit your old one.

What is the risk of refinancing?

There are a few risks involved in refinancing your home. One of these is that if you apply for a fixed rate loan, sometimes this rate could actually fluctuate in the period between approval and settlement. This would mean you may not have actually locked in a better rate which is why it’s important to check you’re getting a home loan with a rate lock feature. Other risks involve getting locked into a longer mortgage term (therefore increasing your interest repayments) and being tricked by tempting introductory variable or honeymoon’ rates.