Refinancing can be both a good idea and a bad idea depending on the situation.
Refinancing gives you the following options:
- Changing the interest rate on your loan
- Switching to a fixed, variable or split loan product.
- Using the equity in your home to take out as cash
- Adjusting the term of the loan
- Consolidating debt
Refinancing may be a good idea if; you can lower your interest rate and/or reduce the term of your loan and/or switch to a more desirable loan structure etc.
Refinancing may be a bad idea if; you increase your interest rate and/or increase the term of you loan and/or switch to a less desirable loan structure etc.
Before deciding if refinancing is the right move for you, please speak to a financial advisor or mortgage broker who will be able to assist you.
