Is your fixed interest rate ending soon? Now is the time to review your options and ensure you’re making the best financial decisions for your future!
Your Options
- Refix your loan
- Let it revert to the lender’s variable rate
- Switch to a different loan with the same lender
- Switch to a better loan with another lender
Refinancing Steps
Ensure your new loan doesn’t exceed 80% of your home’s value to avoid lender’s mortgage insurance.
Get your finances in order:
- Show stability: Avoid moving or changing jobs.
- Maximize income: Ask for a raise, do extra shifts, start a side business.
- Reduce debt: Improve your credit score.
Consider refinancing if you:
- Have stable employment
- Earn more now
- Have more home equity
- Improved your credit score
