How to refinance a Home Loan
Be prepared with our refinancing checklist. Whether you want cash out or need to lower your monthly mortgage payment, learn how to choose the best home loan for your financial goals.
When considering refinancing, be sure to do your homework you don’t want to do this every 6 months.
Here’s our checklist for refinancing:
- Be clear about why you are refinancing
- Consider using a mortgage broker who has access to a large range of home loans and can do the sums and legwork
- Know your costs
- Don’t over commit, can you afford the repayments if the interest rate goes up by 2%
- Know your break even point; how long it takes to recoup your costs of refinancing based on your monthly savings
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Should I refinance my mortgage?
Just because your home loan was right for you when you first took out your loan it doesn’t mean it’s the right home loan for you now. Over time, your personal and financial situation may change, rates change, home loan products change, that’s why it’s a good idea to keep evaluating your mortgage on a regular basis.
Learn when you should or shouldn’t refinance to make sure you always have the right mortgage.
This depends greatly on your individual situation and what your financial goals are, but as good money management you should revisit this question every few years or if you have any changes in your life. Here are a few questions you need answered before you continue with your home loan research:
- How long do you expect to own your home?
- Will you use it as an investment property later on?
- Which way do you think interest rates are headed?
- Will increasing or fluctuating interest rates keep you up at night?
- Do you have debts to consolidate
- Are you paying for features you don’t need or no longer use
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