Think about refinancing your loan

Did you take out a loan at a much higher rate than what is currently available? Now that time has passed, would you like to renegotiate it? LR Finances can offer you solutions to refinance your loan. Once we have put together your application, we submit it to financial institutions to find the most suitable option for your needs.

What does refinancing a loan mean?

Refinancing a loan means repaying or renegotiating a loan before its due date. This technique is especially useful for re-borrowing at a more attractive rate, and applies mainly to fixed-rate loans.

Among other things, it allows you to:

• Obtain a much lower rate
• Combine multiple loans into a single loan and increase the amount of money you have left after paying your bills, which you can use as you wish
• Reduce your monthly payments and thus your debt ratio

As a credit broker with more than 20 years of experience, LR Finances has already made many clients' plans become a reality. The expertise we have acquired over the years has enabled us to build privileged relationships with numerous financial organisations and insurers. We have the knowledge to meet your needs.

How does it work in practice?

In practical terms, if your basic interest rate is not fixed, the lender will review your rate on the dates set at the beginning of the contract. If the rate changes significantly, you can always contact your bank to review your rate. This means you will re-borrow the remaining balance of your home loan in order to repay the original loan, and a new loan will be taken out in order to benefit from a lower interest rate and monthly payments.

If you cannot remortgage with your bank, it is still possible to refinance your loan with another institution. The procedure is similar: you borrow the remaining balance of your loan from another bank to pay off the original loan, and you benefit from a lower interest rate and lower monthly payments.

However, beware of the "hidden" costs involved in remortgaging: in most cases, paying off a loan before its due date will result in early repayment fees. In addition, refinancing your loan with another bank involves additional fees, such as release fees and survey costs.

This means it is important to take care when putting your refinancing request together and to submit it to an expert, who will be able not only to complete your application, but also to tell you whether refinancing is worthwhile for you or not.

Why refinance your loan?

To renegotiate your mortgage

The interest rate trend curve fluctuates in parallel with the financial markets. It is not uncommon to see a general increase or decrease in mortgage interest rates over the years.

Refinancing your mortgage allows you to review your interest rate when the time is right, when general interest rates are lower than when you took out your loan, and when you can benefit from a lower rate, reducing your monthly payments.

By calling on our team of mortgage brokers, you can optimise your chances of getting the best terms and ensuring your application is robust enough for a financial institution to approve it.

To consolidate your loans

Buying back or consolidating debt involves bringing all your credit together into a single loan. The aim is to reduce the overall interest rate. For example, combining a home loan and a car loan enables you to review your monthly payments and increase what you have left each month. It could be enough for you to dream of new projects!

During this process, we will ask you to provide us with various documents so that we can put the application together. Our credit company will then contact all the organisations involved and repay all your loans.

You should also consider insuring your belongings. Our insurance brokers will give you the best advice on choosing a custom solution.

Contact us for a personalized offer

Mortgage refinance is a customizable product to suit the applicant's personal circumstances. Our know-how as an independent credit broker allows us to offer you personalized advice and to obtain an advantageous offer adapted to your situation. Contact our agency without delay for more information and to obtain a personalized offer according to your needs.