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Refinancing: Benefits and Pitfalls  

Pitfalls of refinancing

* Determine whether refinancing will save you any money or not.
* Decide on whether or not it is really right for you.
* There are a number of costs involved, such as legal fees and penalties for changing mortgages. These fees can add up and might be more than you can afford.
* Contemplate carefully if refinancing will be beneficial for you in the long term. W
* If you borrow more money it most likely means you will be paying the money back for a longer period of time. Although it may seem helpful at the time, you could end paying more over the long term

Benefits of refinancing

* Refinancing is a chance to switch from an inadequate mortgage and take full advantage of current products which can offer you more competitive rates. Saving on interest has the same net effect as earning interest.
* You can withdraw extra funds with an increase in equity of your property.
* Extra funds can be used to consolidate debt into one monthly repayment and further increase monthly cash flow
* Savings on bond repayments can be invested tax free into new bond and reduce the overall term of your loan.
* Use extra funds to pay for school/university fees, renovate, buy a new car etc.


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