Refinancing your mortgage can offer many benefits but it’s possible to make costly mistakes when doing so. Following are things to avoid when refinancing your mortgage:
- Automatically refinance with your current financier without shopping around.
- Switch lenders without calculating whether you are in a better position once all the fees, establishment costs and legal fees are taken into consideration.
- Fall prey to the lure of honeymoon rates.
- Refinance to withdraw equity to repay credit cards or other personal loans.
Talk to a good broker to find out all your options.
We have dealt with the same broker for years and it is amazing what they can come up with to save you money!