Owning your first home may be a dream come true, but it is a reality that you will miss repayments due to unavoidable circumstances, and may have to refinance to deal with the burden of debt.
The Australian Securities and Investments Commission (ASIC) cites some circumstances to avoid so that you do not fall into the refinancing trap and avoid repossession of your beloved home as much as possible.
For starters, ASIC advises: Avoid refinancers who make unrealistic promises about getting you out of debt or who advertise that they can help you, no matter how much you owe. Debt consolidation can get you even deeper into debt by letting you borrow more m…
Read the full article at: http://www.yourmortgage.com.au/article/how-to-avoid-refinancing-traps-223660.aspx