A Guide To Home Loan Refinancing (Infographic)
For those who have never been exposed to the concept of “refinancing”, home loan refinancing may seem like a baffling notion. After all, what good could possibly come from getting a new home loan… just to pay off your old one? Wouldn’t you just go back to square one after the whole process? These could be some of the questions you’re asking yourselves, and understandably so.
In reality, home loan refinancing is a widely-adopted practice with many potential benefits. Homebuyers far and wide undertake it in order to lower the interest they’re paying on their home loans, reduce their monthly loan repayment amounts, and generally alter their loan terms to better suit their financial needs. In fact, some even refinance to free up cash riding on the inherent values of their properties!
To calculate you home loan refinancing possibilities, check outc the iMoney’s home loan refinancing calculator.
In this infographic, allow iMoney to help you understand what home loan refinancing is, what the benefits are, and how you could use it to better your personal financial situation as a homebuyer.
This infographic was designed in partnership with Piktochart – a web application that makes information beautiful using infographics. With over 350,000 users, Piktochart is a recipient of Cradle CIP 500 fund and is now expanding product features in the infographics/data visualization sector.