As a homeowner, you're aware of the costs and commitment involved in servicing your mortgage payments. A mortgage is often the most significant expense you'll take on during your lifetime, and it can directly impact other aspects of your finances such as your disposable income, savings, and other debt you can carry comfortably. Therefore, structuring your mortgage in a way that enhances your lifestyle, saves you money, and improves your financial standing is vital.
One tactic you may wish to consider is refinancing your mortgage. It entails breaking your existing mortgage contract and replacing it with a new one that, ideally, has more favourable terms. If implemented at the right time and for the right reasons, refinancing your mortgage can yield tremendous benefits. Let's explore the main ones below.