Refine your mortgage

This month, I explore the critical differences between mortgage refinancing and restructuring through the lens of my client, let’s call him Mark, a homeowner in Wellington looking to reduce his monthly expenses.

Mark initially considered refinancing to secure a lower interest rate offered by a competing bank. However, after a detailed consultation, we identified that a mortgage restructure with his current lender—altering the terms to extend the loan duration—would be more beneficial without the costs associated with switching banks.

By restructuring, Mark reduced his monthly payments by 15%, alleviating financial pressure without incurring the fees and potential penalties of refinancing. This strategy also preserved his relationship with his bank, keeping future financing options flexible.

This case illustrates the importance of understanding all options: while refinancing might offer immediate lower rates, restructuring can adjust financial obligations to suit changing personal circumstances, proving equally valuable.

Call, Text or E-Mail to discuss:

Julia@brokerintel.net

020 41560804