If you want to resell your existing home or property to buy a new home or you want to purchase a second home, you’d need to opt for a home refinance mortgage. You can apply for a home refinance loan while you’re still paying the EMIs (equated monthly instalments) for your existing property.
In such a scenario, your home loan is revised and the arrears of your existing mortgage is tagged on to the fresh loan and your EMI is restructured in a manner so that you pay off the principal along with the interest for both the mortgages within the prescribed time period. Seek advice from Adelaide mortgage brokers to help you more.
Home construction mortgages
If you’re planning on buying a plot of land and then constructing your dream home, then you’d need to apply for a home construction loan. The price of the piece of land is usually included as a component during the evaluation of the entire property cost.
There is usually a time span (1 year in most cases) by which you must complete the formalities of buying the plot or else the value of the plot will not be included as a composite when estimating the property’s worth.
Home equity loans
After settling down in your dream home, you’d need to take proper care and maintenance so that you can continue living in it for years to come. And that will call for carrying out home renovations / repairs from time to time.
You might to plug the leaking roof, or remodel your bathroom or kitchen or make additions to the existing structure. For all such purposes, you’d need to go for a home equity loan.