Before getting your existing home loan, you probably spent time comparing different products and lenders as you looked to find a mortgage with a competitive rate that best met your needs.
But what was a good deal then might not be considered one today. The mortgage market is very competitive and loan products change regularly. So it’s a good idea to regularly review your home loan to make sure it’s still the right one for you.
Refinancing isn’t suitable for everyone with a mortgage. But for the right borrower, it can make a significant difference to your financial position.
Here are five common reasons people choose to refinance.