HOME LOANS, MADE PERSONALName your goal.
You might want a different repayment term, a different rate structure or access to equity. A new mortgage can bring new costs, so define what a better outcome would mean for you.
AHL HOME / RETHINK YOUR MORTGAGE
RETHINK YOUR MORTGAGE
Give your mortgage a reason to change.
A different payment is only part of the story. Put your current loan beside a new scenario and see how the costs, timing, and tradeoffs fit your plans.
MAKE ROOM FOR THE FULL COMPARISON
A new loan should have a clear purpose.
Payment. Costs. Time. Certainty.
Understand the tradeoffs together.
Look past the new payment.
Extending the term can reduce a payment while increasing total interest. Compare closing costs, remaining repayment time and total borrowing cost with keeping the current mortgage.
Ask how long it takes to recover costs.
A simple break-even estimate divides upfront refinancing costs by monthly savings. That is only a starting point; loan balances, fees, time horizon and changing costs can alter the comparison.
Know what still needs review.
Income, credit, equity, property and program requirements apply. Refinancing is not guaranteed, and it may extend repayment or increase total interest.
Start with two scenarios.
Keep the assumptions consistent and see how a different amount, rate, or term changes the result.
YOUR NEXT CHAPTER. YOUR PACE.
Make the next step
a useful one.
You bring the reason.
Start shaping the plan.
