When is home loan refinancing the right thing to do? The market is clearly divided on whether the mortgage Cliff is a cause of Panic or not.
Many are quick to refinance but some borrowers also see this period as part of a normal rate cycle. So how will you know if refinancing is the right thing to do?
Ask yourself these questions.
#1 – How much do I still owe?
#2 – When will my home loan run out?
#3 – What deals are on offer?
#4 – What’s the cost of switching lenders?
#5 – Can I afford my home loan repayments?
And #6 – What are my money goals? Lastly, what is my break a point the fees to switch should manifest as my repayment savings.