Refinancing might be for you if you want to take advantage of a lower interest, have more flexibility or use your equity to renovate or invest. Before you do switch, make sure the benefits outweigh the costs and you get the best deal.


Before you decide to switch

Ask your current lender for a better deal

Banks reward loyalty with higher interest rates. A great way to secure a lower rate is to call your current bank and advise them of the best rate you can get at one of their competitors and ask them to match it or you’ll go elsewhere . To keep business, they may offer you a reduced interest rate on your current loan. Having a good credit score will help you with these negotiations too.

If that doesn’t work, call your broker.


Mortgage Switching Calculator

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