A small difference of 0.30% on $500,000 Home Loan could save you over $45,000 in interest expenses.
If you are looking for a better interest rate on your existing Home Loan, lower repayment on the loan, refinancing will be an option.
If you need extra funds for buying an investment property or consolidation of other loans borrowed at higher interest by you, you could consider refinancing your existing loan. When you refinance, you pay out your existing home loan by taking out a new loan from a new lender. In the current market, lenders are offering better interest rates to attract new clients and you could easily take advantage of the situation.