You have secured your dream house and living in happily ever after, but wished that your home loan could be much more flexible and meet your immediate needs and demands. Well, there is an option to refinance your existing home loan.
The advantage of refinancing is that you do not have to stick to your current lender. If some other lenders are offering attractive rates and products, you have the option to refinance your existing loan with that lender. Whether you decide to stay with your current provider or new provider refinancing gives you the option to lower your monthly mortgage payment and also to whether increase or decrease your loan terms as per your financial situation. Another great benefit of refinancing is you can cash out the equity built up on your house.