Want to refinance the house how to start
for home loans It would be a big deal for many people. both before and after applying for a loan But another issue that many people in applying for a loan are interested in is home refinancing. So what is home refinancing? How is it good?
What is home refinance ?
Refinancing is making a request for a loan with a new financial institution. to bring that money to redeem the mortgage from the original financial institution By refinancing with a new financial institution, the borrower will receive a lower interest rate. Monthly home payment installments therefore save more money.
How is refinancing good?
1.Get a lower interest rate
Refinancing to a new financial institution. will take the remaining outstanding balance from the original bank Let’s calculate with the new lower interest rate. Allows the installment amount to be deducted less interest and deducted more principal.
2.Choose to extend the installment period
Applying for a refinance with a new bank. can request to increase the period of repayment in additional installments which when the number of installments increases It will help the home loan amount per installment to be cheaper. Helping home installers to save more monthly expenses.
Things to know for refinancing.
1.Choose a financial institution that offers a lower interest rate
The purpose of applying for a home refinance in order to save on home loan expenses The first information to consider is The interest rate must be cheaper than before. And calculate the interest rate from the first year to the last year of the contract. whether the average is worth the payment or not.
Choose a loan project that matches the objectives of refinancing.
Loan projects for each type of financial institution There will be different purposes for submitting a loan. Before applying for a refinance, read the objectives of the loan. whether they can apply for a loan to refinance or not
Check the period of time that can be refinanced the house well
Before requesting to refinance your home with a new financial institution must check the conditions for applying for a new loan well The financial institution that owns the credit will be specified in the contract. How long will the borrower be able to apply for a new refinance?
for Thai people abroad who are interested in refinancing
You can ask for more information at line @sungateway
Call +66 2 231 6800
reference information : blog.ghbank.co.th/what-is-home-refinance/