5. Refinancing when the going gets tough
It’s best to refinance when you’re in a strong financial place. The better your repayment history, and the less debt you have when refinancing, the more chance you have of getting a competitive rate. Instead of refinancing to overcome a financial hurdle (and potentially causing yourself more stress), refinance to empower yourself and your family with the opportunity to spend more on the things you love.
Now that you’ve armed yourself with some helpful pointers on what not to do, you can forge ahead with more confidence (and sleep!), whatever your refinancing goals are. New bathroom, new car or hey, maybe even a top of the line new mattress? You’ve done your research: you’ve got this.