EP 47: Refinance Mistakes People Make with Amol Khuntale

Today, we delve into the world of refinancing and explore some common mistakes people make in this financial endeavor.

Joining Moss today is Amol Khuntale, an accomplished mortgage broker, property developer, investor, and a keen participant in crypto and share trading.

Refinancing is akin to applying for a new loan from a bank. They evaluate your financial situation, income, and liabilities to determine your eligibility. It allows for adjustments to your loan terms and potentially secures a better interest rate.

One significant advantage of refinancing is the ability to unlock equity in your property. This equity can be used to fund another purchase, pay off high-interest debts, or consolidate credit card balances.

Refinancing solely for lower interest rates requires careful consideration of exit and break costs, especially during uncertain economic periods like the COVID-19 pandemic.

Offset accounts can be used strategically to reduce principal and structure loans efficiently. However, they are typically unavailable for fixed-rate mortgages.

Refinancing for personal expenses can reduce borrowing capacity. It’s crucial to differentiate between good (tax-deductible) and bad debts.

Optimizing cash flow during refinancing can lead to better cash-on-cash returns in investment properties.

Lastly, ensure that your refinancing decisions align with your long-term financial goals and wealth creation strategies. Financial success is a marathon, not a sprint.

Tune in to the full podcast episode to gain a comprehensive understanding of refinancing and its potential benefits. Your financial future might just thank you for it!

Subscribe: Apple | Spotify | YouTube | Omny | RSS