Questions to ask before refinancing your home

Compare using the same information

Ask your institution for the current balance, existing terms, and any fees that may apply to changing or settling the loan. Keep the contract and account statements handy so you can ask specific questions.

Request a detailed proposal for the alternative you are considering. A lower payment may result from a longer term and does not necessarily mean a lower total cost. Compare scenarios as of the same date and review the assumptions behind each calculation.

Include assessment costs, documentation, insurance, and any applicable fees. Ask which terms are fixed, which may change, and when they would take effect. Also assess the reserve you need to keep for other commitments.

Review and approval are the financial institution's responsibility. This guide does not constitute an Alpen refinancing offer; if your enquiry relates to buying another property, we can guide you through the listed developments.

• Gather the contract, balance, and current terms.
• Request a breakdown of the new proposal.
• Compare the payment, term, and total cost.
• Review switching costs and the risks of each scenario.