Andy Smith is a Certified Financial Planner (CFP), licensed realtor and educator with over 35 years of diverse financial management experience. He is an expert on personal finance, corporate finance and real estate and has assisted thousands of clients in meeting their financial goals over his career.

It can be very tempting to refinance your mortgage, especially if you can secure a lower rate. You have the potential to lower your monthly payments, pay off your mortgage sooner, and maybe even cash out some of the equity in your home. But closing costs and fees can quickly eat into any savings you might hope for, leaving you right where you started-or worse.

There are some situations when refinancing your home loan makes sense. A little math can help you identify those opportunities.

Key Takeaways

• The right time for you to refinance depends on your break-even point, or how long it will take you to recoup refinancing costs.
• It helps to know whether you’ll be able to afford an adjustable-rate or fixed-rate mortgage before choosing to refinance.
• You might be able to find a better rate and shorter term than you currently have.
• You may pay a few hundred dollars less each month if you refinance, but it can cost you tens of thousands of dollars more in interest over your lifetime. Continuer la lecture de Can You Switch Between an Adjustable- and Fixed-Rate Mortgage? →

Do you do small business loans?

If you’ve got a small business as a sole proprietor, you could look for loans to cover your business expenses. For instance, if you need to pay for new machinery or office supplies, our small cash loans can cover these costs. The only thing you need to keep in mind is you will need to apply for a personal loan as we cannot provide loans to business entities. Here are other examples of what our small business loans can be used for:

How do repayments work?

With Jacaranda, our repayments work by setting up a direct debit, so that your repayments will come out of your account automatically. They can be set up to come out of your account on a weekly, fortnightly or monthly basis. Though, we suggest matching your repayment interval with your pay cycle, as we find this to be the easiest way.

Increase chance of approval

If you are applying for small loans in Australia and are concerned about whether or not you’ll be approved, there are ways you can increase your chances of approval. Continuer la lecture de 4 Ways to improve your chances of loan approval →