Refinancing is becoming a more and more popular way to tap into the existing equity in your home. Equity is the difference between what you owe on your property and the value of the property.
There are several reasons why someone may wish to refinance, including:
1. Rolling all your debts into one payment.
2. Saving money on cheaper interest rate or lower fees.
3. Switch from a fixed to variable rate loan, or vice-versa.
4. Access wealth in your home to use for renovations, holidays, other investments etc.Refinancing can be a useful way to reduce your monthly outgoings by rolling high interest rate credit cards / store cards / personal loans into one single loan with less interest. This way, you only have one debt to service each month and you know exactly how much you are going to pay.

For a lot of people feeling the pressure of debt and paying high interest rates, refinancing is a way to unlock the accumulated wealth in order to relieve the burden of debt.

Everyone's situation is different and for this reason it's important to go with a company that's experienced. Whilst there are a lot of mortgage brokers out there, there are only a few companies that specialise in helping people with serious debt problems refinance their properties to consolidate debts.

Companies like Debt Fix for example, have helped hundreds of people where others have been unable to - simply because they specialise in mortgage refinancing and debt consolidation.

A good example is when Debt Fix spoke with the clients creditor's and negotiated reduced settlements, then refinanced the client's property to consolidate the debts under one loan - despite the client receiving eviction papers three weeks before. The client was able to keep the family home and saved literally thousands of dollars in interest payments and fees, not to mention reducing the client's overall debt position.

Also, a reputable company will always make you aware of all the costs associated with refinancing and make sure there is a benefit to you before proceeding. Exit fees, differed establishment fees, stamp duty, legal and valuation fees are all factors that must be considered and explained.

So if you're thinking about restructuring your debts into a more manageable format with improved interest and less stress, refinancing may provide the solution you're looking for.