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Securing a loan for your financial projects comes with its fair share of headaches, but the promise of new assets, more growth and a secure financial future makes it all worth it in the end, but being locked into a contract that doesn’t serve you with fair terms can act like a damp cloud hanging over your bright future while you slog through the repayments.
Award nominated mortgage broker Michael Wu believes that you don’t have to suffer through unfair loan terms if you don’t want to. Michael has held positions with multiple major banking institutions such as CBA, Suncorp and ANZ in their mobile lending divisions and understands exactly how many people get locked into shoddy financial agreements.
Using everything he learned from the banking industry, Michael founded 10X Home Lending in order to empower people with financial literacy and security, offering his clients the options that put their best interests first. “Our mission is to help you magnify your success by offering you tailor-made lending solutions that work for you,” notes Michael.
Part of his ‘Education-based lending’ ethos, Michael has shared some insights on how you can take back control over your financial future through refinancing.
Why haven’t you refinanced?
If you’ve been with your bank or lender for several years, you could be eligible for refinance. Times change, and so does your financial situation. This means that your loan agreements should be able to be flexible with you, and you don’t need to be stuck in loan agreement terms that you could improve now. I know that life can get busy, and renegotiating with banks is one of the last things you might want to do, but don’t let an opportunity for a better financial future slip away because you weren’t prepared for it.
Isn’t refinancing complicated?
No! By refinancing, you essentially pay off your old loan with a new one that has modified terms. There are a few reasons why you might do this, and it all depends on your personal financial situation. ie; Your credit rate might have improved in the time since you took the loan and you’ve been offered a lowered rate, or trends in the market might mean you could be missing out on a dip in interest that you want to capitalize on. We don’t know what we don’t know, and the banks like it that way, but you don’t have to be kept in the dark about refinancing.
What if I don’t understand all the numbers?
Many of us don’t have the willingness to shop around, follow up and see what it would cost them, but you could be costing yourself more by doing nothing. Finding a trusted and knowledgeable mortgage broker to help you in every step will be your greatest asset to navigating these situations, and can save you both monetarily and with peace of mind.
Whether you need help with property investment, first home buying, refinancing, restructuring or more, Michael is invested in helping guide you on your journey towards your financial goals.
Connect with 10X Home Lending through their website, or their LinkedIn and Facebook social media pages to learn more about how you can confidently live your life with financial security.
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