- October 5, 2018
- Posted by: The Savings Centre
- Category: Refinancing Your Mortgage
Saving money and unlocking equity – those are two good reasons why you should consider refinancing your home loan. Before we start talking interest rates, it’s important to know if you can achieve one of these two things.
There are countless reasons why you might want to unlock equity in your home. These could include:
- Renovating or adding to your property.
- Buying an investment property.
- Paying off other debts or bills.
- Financing your education or your child’s.
- Paying for medical treatment.
The first thing you need to consider is whether unlocking equity is the best way to fund your venture. While it’s a great way to access cash when you really need it, using home equity does mean you could pay more interest on your home loan over its life as well as increasing its length.