Life’s always changing. Since you bought your home, your family structure, lifestyle or financial situation may be different. There might be another home loan that’s more suited to your life now – and offers you a better deal.
If you compare home loans and find one that’s better suited to you, that's when you may want to consider refinancing. This means moving your loan from one lender to another.
Perhaps you want a better interest rate, more flexible features, to consolidate your debt, or to use the equity in your home to renovate or invest. Here are some of the reasons to refinance in more detail. Here's when to consider refinancing your mortgage.