Refinancing is a strategic decision that can potentially save you thousands of dollars, reduce your monthly mortgage payments, and help you achieve both your short-term financial goals and long-term dreams.However, like any art form, mastering the art of refinancing requires careful consideration, strategic planning, and a deep understanding of the process.Let’s uncover the essential things you must know to make informed decisions and maximise the benefits.The refinancing basicsRefinancing involves replacing an existing loan with a new one, typically with more favourable terms.The primary objective? Saving money. This can be achieved through competitive interest rates, better loan terms, or enticing cash-back offers.The motivations for refinancing can vary. Some may seek to borrow a higher amount, leveraging their equity for investment purposes, consolidating debt, or even transitioning to a fixed or variable rate option.
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