Let’s be honest – refinancing isn’t always the best move. It can be a powerful tool in the right circumstances, but it’s not something you should do just for the sake of it. There needs to be a genuinely good reason to make the switch.
That’s why we take a proactive approach with our clients. Every six months, we do a rate review on your loans behind the scenes to make sure you’re still getting the best possible rate with your current lender. If you’re considering whether it’s time to make a change, working with an experienced refinancing mortgage broker who monitors this for you can take the guesswork out of the equation.
When Refinancing Makes Sense
We had one case recently where the numbers spoke for themselves – the client was looking at saving over $35,000 a year in interest. In a situation like that, there’s a clear and definite reason to refinance. The savings were substantial enough to justify the time, paperwork, and any costs involved in switching lenders.
When It Might Be Worth Waiting
But not every situation is that clear-cut. A lot of the time, we’ll find a slightly better deal out there – but it might only be 0.1% difference in interest rate. Is that worth going through the whole refinancing process? Maybe, maybe not.
In these cases, we go back to the client and lay it out honestly. We’ll say something like, “We’ve found you a cheaper interest rate – here’s what it looks like. Is this something you want to pursue now, or would you prefer to sit tight and we’ll review it again in another six months?”
There’s no pressure either way. The decision is always yours, and we’re here to give you the information you need to make the right call for your situation.
The Bottom Line
Refinancing should be driven by a strong reason – whether that’s significant interest savings, accessing better loan features, or changing your loan structure to suit new circumstances. A minimal difference in rate alone isn’t usually enough to justify the effort.
We keep an eye on things for you so you don’t have to constantly wonder whether you’re getting a good deal. And when the time is right, we’ll let you know.
Key Takeaways
- Refinancing isn’t always the best option – there needs to be a solid reason to switch
- We conduct rate reviews every six months to ensure you’re getting the best deal with your current lender
- Significant savings (like $35,000+ per year) are a clear reason to refinance
- Small differences in rate (like 0.1%) may not be worth the effort – we’ll always give you the choice
- The decision is always yours, and we’re here to provide honest, pressure-free advice
