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Applying for home loans is a seemingly challenging process, and you may have many concerns as you begin the process. For example, you may worry about setting up a loan payment that is not affordable for you or getting an interest rate that is much higher than it otherwise could have been. These are only a few of the many challenges that you may be concerned about as you prepare to apply for your next home loan at Home Loans at Loans.com.au. The good news is that you can overcome many of your concerns about home loans by following a few helpful tips.
Review Your Budget
Before you begin shopping for home loans that may be right for you, you must understand what you are looking for in a mortgage. Spend time updating your budget as an initial step. Remember that many aspects of your budget may change when you buy a new home. For example, your housing payment will most likely change. In addition, your utilities expense, repairs and maintenance expenses, commuting costs, insurance expense and more may all need to be adjusted based on the home that you intend to buy. You cannot understand what mortgage payment amount is affordable for you if you do not actively update and review your budget.
Understand the Options
The next step to take when preparing to apply for home loans is to research options available in the market. Be aware that many terms for home loans are driven by your credit scores. For example, if you have a lower credit score, you may be required to make a larger down payment, and you may only qualify for a higher interest rate. You can use the Internet to research market loan options available for individuals with your credit rating, or you can speak with a loan representative about possible loan terms that you may qualify for. Because loan options vary, it may be advisable to use multiple sources for your research your many options.
Use a Mortgage Calculator
Researching the market conditions for home loans may help you to determine what terms you could qualify for, but this will not tell you what loan amount you could reasonably afford. Your loan amount will affect the sales price that you can shop for and your down payment requirement. In order to quickly and easily crunch the numbers, it is beneficial to use a mortgage calculator online. Remember that there are multiple mortgage calculators that may tell you different things. Therefore, it may be wise to use different calculators to learn as much as possible about your loan options upfront.
There are many working parts to home loans that can affect everything from your net worth and available liquid assets to your budget for years to come. You understandably want to make a wise financial decision, but you cannot do so without accurate information and calculations. As you prepare to apply for your next mortgage loan, keep these tips in mind so that you can set up a great loan.
Refinance Home Loan
When you applied for a home loan to purchase your property you may have done your best to set up amazing loan terms. At the time, you may have thought that you got a great deal on you mortgage and that it would meet your needs for the next couple of decades. However, market conditions change over time, and your needs can also change. If you are no longer satisfied with your current mortgage terms, you can refinance home loan to make an adjustment.
What Is a Refinance?
Before you refinance home loan, it is important to understand what this is and how it works. Your current home mortgage has set terms, and the monthly payment is linked to the interest rate. If you decide that you want to adjust your monthly payment, your interest rate or your loan term, you cannot simply contact your lender to make the request. Instead, you will need to apply for a new loan. When you choose Loans.com.au Refinance Home Loans, your new loan will pay off the existing loan. Therefore, refinance home loans the replaces the current loan.
What a Refinance Could Do for You?
You may be wondering what you can accomplish if you decide to refinance home loan. Because a refinancing home loan replaces all current loan terms, you can adjust the interest rate and the length of the loan term. More than that, you may have paid down the loan balance on the home, and property value may have appreciated. Therefore, you could choose to apply for a lower loan amount, and this likely would yield lower monthly payments. You could also choose to apply for a higher loan amount, and this may give you cash back at closing.
Should You Refinance Your Home Loan?
Before you decide if you should refinance home loan, you need to determine what your goals are. Do you want to reduce your monthly loan payment, adjust your loan term or get cash out of your home’s equity? Depending on your situation, you may be able to enjoy multiple benefits through the refinancing process. Because each situation is unique, you should explore current loan terms and use a mortgage calculator to determine what your options are if you refinance home loan. It may also be helpful to speak with a lending representative. This can provide you with more concrete information about your options.Applying for a refinance home loan is not a move to take lightly. Your home loan payment may be a considerable aspect of your regular budget. Making an adjustment to this payment could yield tremendous benefits in some cases, or it could result in a tighter budget for the next several decades. With many factors to consider before you refinance home loan, you need to analyze all options and align the options with your specific goals. If you are interested in refinancing your loan, now is a great time to learn more about market conditions and to understand how they could impact your financial situation.