Mortgage Refinancing: Is It Time to Switch?

Mortgage refinancing can be a great financial decision if done at the right time. Whether you're looking to reduce your interest rate, change your loan terms, or access equity, refinancing can offer significant savings. However, it’s important to assess your current mortgage to determine whether switching to a new loan makes financial sense.

In this article, we’ll walk you through the steps of mortgage refinancing, including how to evaluate your current loan, compare refinancing offers, and identify potential savings. We’ll also discuss some of the hidden costs associated with refinancing, such as break fees or establishment fees with the new lender.

Timing is crucial when it comes to refinancing. Keep an eye on market interest rates, as a drop in rates can present a prime opportunity to switch. However, it’s also important to factor in your own financial situation—if your credit score has improved, you may be eligible for better deals than when you first took out your mortgage.

Get a free home loan health check to see if refinancing could save you money.