What is refinancing?
Refinancing is the process of paying out your present home loan by applying for a new loan, usually with a different bank or lender. Sometimes refinancing is also called “loan switching” since you are switching an old loan to a new one. Refinancing can also be your ticket to better loan features and lower interest rates. 3Carrots specialises in switching clients into more beneficial home loans.
Here are some popular reasons why people go for refinancing:
- for home improvements or renovations
- for paying other debts
- for purchase of another investment or a car
- for getting a cheaper rate, even if it means giving up some loan features
- for switching from variable to a fixed interest rate, or vice versa