Refinance

When investigating how to refinance your mortgage, you may plan to use the same lender or start afresh with a new one. But before you decide to ref...

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Looking to refinance? There's a lot to know before you start! Whether its a home, car, or anything else Comparewise has refinance articles to get you started.

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FAQs about Mortgage Refinance

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What is mortgage refinancing?

Mortgage refinancing is when you pay out your current loan so that you can get a new one. It is very important to understand your financial position before you decide to refinance your mortgage.

Why do I need to refinance my mortgage?

There are a lot of reasons why you will need to refinance your mortgage. Some examples include:

  • You might want a cheaper interest rate
  • You want to change from fixed loan to variable loan
  • You might want better features in a home loan
  • You might want to access your home’s equity

Can I refinance to fund my renovation?

Yes. You might find that this can be cheaper to finance your renovation rather than personal loans. While you might receive some equity, mortgage refinancing also means that your are moving from one loan agreement to another. This is why you should plan carefully so that you don’t land on any more debt.

What do I need to start on mortgage refinance?

Just gather all the documents needed by lenders such as:

  • payslips
  • tax notice
  • employment letter
  • type of ID
  • financial and credit reports

How long will mortgage refinance take?

You can choose to apply and manage the process yourself. Most people request assistance from experts so if you decide to do this, the lender will review your application and they will be the one to approve it. It depends on which lender you choose but generally, it will take 2-4 weeks.

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