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Harshita Tyagi
Updated Jul 15, 2021 | 07:03 IST
Thinking of refinancing home loan? Consider these things first
Thinking of refinancing home loan? Consider these things first 

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  • Refinancing your home loan can actually boost your financial health, by reducing monthly EMIs
  • Everyone is free to refinance with any mortgage lender that is licensed
  • Home Loan refinancing incorporates additional charges like home loan processing fee
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live-match-rate,In order to reduce home loan EMIs, it is a good idea to refinance your home loan. Refinancing a home loan means paying off a current home loan and replacing it with a new one. The new home loan can be availed with the same lender or from a new one. During home loan refinancing process, the old loan is closed and you can start payments on the new one. A loan with good payment terms helps you increase long-term savings on interest.

genoa-fc,If you are planning to refinance your home loan, here's what you need to consider:

betway-sports-betting-tips,The main reason why a lot of people go for this option is when there is a significant difference in the rate on your existing loan and the rates being currently offered in the market. The impact of the interest difference varies from one borrower to another. But in most cases, a difference of more than 50 basis points should be a good enough reason for you to look at your loan options because you are paying a much higher rate than you need to.

new-basketball-terms,Another thing that you need to keep in mind before going for refinancing is the time left in your loan. If you tenure is almost over and you are only a couple of years away from repaying the loan, refinancing might not be the best option. However, if you still have several years left to repay the loan amount, refinancing makes more sense, as interest compounds with time.

As per experts, it is ideal to go for refinancing your home loan in the first half of the loan tenure. As you get closer to the end of your tenure, the refinancing becomes less beneficial. Another reason to consider refinancing you home loan is when your credit score or income profile has improved as it will allow you to get better loan offers.,etv-life-shows

Another factor that you need to consider is the cost of refinancing the loan. If it’s cheaper to refinance with your own lender and the process involves little to no paperwork, refinancing may be an option. However, refinancing with a new lender involves paperwork and costs such as memorandum of deposit of title deed, processing fees and legal fees. When the costs pay for themselves in the short term, refinancing is to your benefit.,888sport-betting-nigeria

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