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Is refinancing a good idea?

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.