Refinancing your mortgage simply means taking out a new mortgage to replace your existing loan.
As your finance needs and life changes it can be good to review your mortgage. Compare your current needs with your existing mortgage and other products on the market and make sure it's still the best one for you.
Reasons to consider refinancing your mortgage:
If you want to renovate or put an extension on your home.
To get better value, such as a lower interest rate or to pay little or even no monthly fees.
To suit changes in your life, such as having children, or finishing up at your job, or selling/buying an investment property.
To simply explore your options when you come to the end of a fixed rate term on your mortgage.
To consolidate finances. For example: to save money by consolidating your credit card debt, personal loans and car loan all into the one loan.
Application process for mortgage refinancing
The process to refinance a mortgage is similar to the process of getting your original mortgage, and you'll find you have some of the information you need from your original mortgage documents already.