Refinancing your mortgage: when is it worth it?

Rates have changed, or you've heard that refinancing might be interesting. Maybe someone in your circle saved a lot with it. But how do you know whether it's actually worth it for you? Refinancing has benefits, but also costs you need to earn back, and not everyone benefits from it.

What refinancing means and what it costs

Refinancing means swapping your current mortgage for a new one with a different rate or terms. Sounds simple, but there are costs involved: an early repayment charge if you break your current fixed-rate period, advisor and notary fees, and possibly a new valuation. Those costs need to be recouped through the lower rate. The longer you plan to stay in the property, the better the odds that refinancing pays off.

Questions you need to answer

• What is your current rate, and what is the difference from the rate you can get now?
• How long do you have left in your fixed-rate period, and what is the potential early repayment charge?
• How long do you plan to stay in the property?
• Do you want to change the term or type of mortgage at the same time?
• How has your financial situation changed since you took out the mortgage?

What Beslisflow does for you

Beslisflow asks you ten focused questions about your financial situation and your plans. Based on your answers, you get a personal report that makes clear whether refinancing is worth it for you right now, and which factors are decisive in your specific case.

Frequently asked questions