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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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.
There are a lot of reasons why you will need to refinance your mortgage. Some examples include:
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.
Just gather all the documents needed by lenders such as:
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.