Refinancing is the process of transferring your home loan from one bank to another. There are several reasons you might want to consider refinancing your home loan, including:
- locking in a more competitive interest rate
- taking advantage of another bank’s products or services
- reviewing your loan’s structure
- being able to borrow a larger amount
The best time to think about refinancing is toward the end of your current loan’s term, or when your financial circumstances have changed (increase in income, looking to borrow more to buy a new home or investments).