Should you Refinance your Mortgage?
It's good practice to review your home loan every few years. The financial market is ever changing and making sure your home loan is helping you achieve your goals is very important.
There are various reasons to REFINANCE your MORTGAGE.
- INCREASE CASH FLOW: Consolidating other smaller debts into your home loan (like car loans or personal loans that usually have higher interest rates) can in some cases reduce your monthly expenses substantially.
- INVESTING: If you have enough equity in your home you can increase the mortgage to invest in things such as shares, property etc
- RENOVATIONS: You can increase your mortgage to cover the cost of home improvements or renovations.
- LOWER INTEREST RATE: The most common reason to refinance is to get a better interest rate which can enable you to reduce the mortgage faster.