Q: What does it mean to “refinance my home” and how does it work?
By IOL Reporter | Published May 25, 2021
A:Refinancing means taking out a new home loan for the difference in value between your property’s original purchase price and its current estimated value. This extra money can then be withdrawn to pay off more expensive debt like credit cards or personal loans or be kept as equity in the bond. Read the latest Property360 digital magazine hereOne of the main benefits of refinancing is the opportunity to secure a better interest rate than on your original bond.
