As interest rates are constantly changing, a good rate five years ago may not be a good rate now. Why not consider refinancing, especially when interest rates go down? It will also an opportunity to replace your existing home loan with a new one that may be a better fit for you.

There are many reasons to refinance:

Depending on the terms of your existing mortgage, you may face prepayment penalties or subsidy clawbacks when you refinance. It usually makes financial sense to refinance if you can get an interest rates that is lower than the rate you are currently paying.

You may wish to consider the following issues to determine if it is the right time to refinance your home loan:

  • What is the remaining tenor on my existing home loan?
  • How long do I plan to reside in my home or hold it as an investment?
  • How much lower will my monthly instalments be after refinancing?
  • Are there any upfront costs for refinancing?
  • What is the current economic value of my home?


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