Refinancing

Refinancing refers to the replacement of an existing debt obligation with one bearing different terms. The most common reason for consumer refinancing is for a home mortgage. Refinancing with IGrow Wealth will replace your existing home loan with another lower interest rate home loan for the same or higher amount.

Refinancing may be undertaken to reduce interest costs (by refinancing at a lower rate), to extend the repayment time, to pay off other debts, to reduce one’s periodic payment obligations (sometimes by taking a longer-term loan), to reduce or alter risk (such as by refinancing from a variable-rate to a fixed-rate loan), and/or to raise cash for investment, consumption, or the payment of a dividend. For individuals refinancing to liquidate equity or to take ‘cash out’ of the property, borrowing against the equity in their home can be a low cost and more often than not a tax-deductible way to get needed cash.

Refinancing can alter the monthly payments owed on the loan either by changing the loan's interest rate, or by altering the term to maturity of the loan. More favourable lending conditions may reduce overall borrowing costs. Refinancing is used in most cases to improve overall cash flow. It is very important that individuals compare the short-term advantages with the long-term costs when considering refinancing.

We, at IGrow Wealth Investments, are proud to announce that we are using one of the leading bond originators in South Africa. This is an organisation that can give you professional advice and expert at obtaining multiple bonds. They can assist you with pre or refinancing and know how to structure your application to ensure maximum success.

Contact Us - for your refinancing needs.