Why would you consider
refinancing your loans?
9 out of 10 clients that we review could re-arrange their loans to be either cheaper, more appropriate or both!
Myths Dispelled about refinancing
You don’t have to move your day to day banking
Your transactional account, whether it’s your business cheque account or your personal account, can remain exactly where it is now without disruption.
It’s easy to do; like REALLY easy!
Once you have given your chosen finance specialist, or Fortress Funding, permission to proceed with refinance, all of the work is done for you. All of the adjustments are put into place for you, and you even avoid talking directly to your old bank – so don’t worry about the awkward break-up.
It’s not expensive
Lenders are always keen for new business. All it takes is strong negotiation skills which will be handled for you. If there’s an opportunity to benefit with refinance, then the initial forward and back discussions with your finance specialist will be more than worthwhile. Generally speaking, the financial rewards will be there for years to come.
It does not take months and months to complete
In most cases, it takes approximately 4 to 6 weeks to process and complete. All you have to do is 1. provide the information at the start, and 2. sign the documents at the end.
Your current bank doesn’t really care
Banks are a business. If they don’t leverage their customers for the most money possible, they won’t profit as strongly. If your finance specialist discovers that your bank is charging you more than they should be, don’t be surprised if the bank is not fussed.
Benefits of refinancing
You access the most appropriate loan to you, today
The market is always changing. New loan features and pricing structures are always emerging from lenders wanting your business. As a result, more financially attractive offers emerge from the woodwork.
It can save you thousands of dollars in interest, fees and repayments
Recently, Fortress Funding looked after a client with a $456,000 debt, and saved them a total of $888 per month in repayments – that’s $10,656 per year.
It can cut years off your mortgage
A lower interest rate could mean reducing the term of your loan without paying any more in repayments.
Three (important) Options
Refinance your mortgage as it at a better rate. This will reduce your interest cost and allow you to pay your loan off sooner.
Refinance all your debts, (mortgage, credit cards, car loans etc.), into one monthly repayment. Your overall interest rate should be dramatically reduced allowing you to better manage the debt and pay it off sooner or reduce your monthly repayments or both.
Refinance all your loans at a better rate but maintain separate loans for different purposes. For example, you might have one sub loan or split for your mortgage, another for your credit cards and another for your car. This lets you stay on top of these debts without extending them out over a longer period but still taking advantage of the better pricing.