This question can be hard to answer depending on your individual situation. There is a lot of information on the Internet on this topic – good and bad.
Before you make your move to refinance your home loan ask yourself several questions:
1) Will the refinance lower my monthly repayment and interest rate?
2) Can I shorten the length of my mortgage when refinancing?
3) What will my costs be to refinance my existing mortgage?
4) Will I be able to get some cash-out?
You can use a Mortgage Calculator to get a general idea of what your approximate new monthly payment will be.
Ask your Mortgage Planner if shortening the length of your loan will benefit you and your situation.
There will always be costs involved in getting a new loan or refinancing your existing loan. Make sure you understand all of the one time and ongoing fees before you refinance.
If you have equity in your home, you may also be able to take out money when you refinance your loan.
You should definitely contact a Certified Mortgage Planner who can run your credit and answer any refinance questions you may have.
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