If you are one of many people wondering if mortgage refinance is a good idea in today’s economic climate. Here is a list of the most common reasons why people would contemplate a refinance:
- home renovation
- debt consolidation by rolling unsecured into your home loan
- looking for a cheaper rate, or more home loan features
- access to extra cash for a purchase
- looking for an offset account with your loan
- You are currently paying a high interest rate – for instance, if you arranged a low-start, rising-rate loan from your homebuilder
- looking to switch from a fixed rate to a variable rate, perhaps because you can accept the risk of higher repayments
- looking to switch from a variable rate to a fixed rate, perhaps because you need the certainty that your repayments will stay the same for the next three years