If you’re looking to lower your monthly mortgage payment, there’s no better time than now to get started.

With refinancing, you can change the terms of your mortgage to get a lower monthly payment. You can also change the terms of your loan, combine your debt, or even take some cash from the equity in your home to pay bills or make home improvements.

It’s no secret that refinancing your home loan can save you thousands of interest payments. But how long will it take? And is it worth the effort?

The Australian Competition and Consumer Commission says that the average borrower could save $17,000 in interest by switching to a new loan.

But refinancing can be challenging! You have to work hard and make some important decisions. Your savings will depend on your mortgage, the years left on your loan, and the difference between your new and old interest rates.

Unfortunately, you’ll also have to consider the cost of refinancing initially. Depending on the lender and what kind of refinancing you want, these can be different. So, you’ll need time and patience for all of this—especially since you’ll have to wait a while between the application and documentation process.

How Much Does It Cost to Refinance a New Loan?

As usual, upfront costs can be different from one lender to another. It all depends on the lender.

When considering refinancing options, it will be essential to figure out how much it will cost together instead of comparing the fees of different lenders.

For instance, the application fee might be waived in some cases, but the ongoing costs will be higher.

And there are many different kinds of fees, both big and small.

Don’t Stress. We Can Help!

If you’re ready to refinance and want to know more about how it works and whether it’s right for you, please get in touch with our experienced consultants immediately so they can help you figure out your best options.