Ready to Refinance Your Home Loan this Mortgage Makeover Month? Take Our Quiz to Find Out

PropertyGuru Editorial Team
Ready to Refinance Your Home Loan this Mortgage Makeover Month? Take Our Quiz to Find Out
As a homeowner, making time to check in on your mortgage health is something you should do periodically. Like taking care of your physical well-being, you want to manage your home financing decisions actively.
You want to know when it is best to refinance your home loan and ensure your finances are in good shape. But if you’re unsure where to begin, don’t worry: we’re here to help you master this important life skill.
Mortgage Makeover Month is the intentional time we’ve set aside for you to check in on your mortgage health. During our month-long programme from 1 March to 31 March 2023, our Mortgage Experts will guide you in getting your home loan in the best shape possible. With an array of refinancing content, online guides, and tools, we’ll help make your mortgage journey hassle-free. From comparing interest rates to getting up to speed with what’s happening in the mortgage market, you’ll learn how to manage your home loan better.
In the meantime, come test yourself on how much you know about refinancing and managing your home loan.

Before We Start… What is Refinancing?

Refinancing your home loan is when you replace your existing home loan with a new one from a different bank. Usually, this is done when the new mortgage offers more favourable terms. Ideally, you should review your home loan every two to three years (depending on your lock-in period) to ensure you’re getting the best mortgage deal out there.
When you refinance your home loan, the monthly savings you get means more cash to put towards items such as childcare fees, utility, grocery bills (we see you, 8% GST hike), and your savings. Already thinking of refinancing? Here’s a nifty list of documents you’ll require:

Why Should You Refinance Your Home Loan in 2023?

Mortgage interest rates have been rising and are likely only to moderate in H2 2023. A quick search on PropertyGuru Finance’s mortgage comparison tool shows that the most competitive interest rate currently offered is 3.75% (as of 27 February 2023) – way higher than the near-zero interest rates offered by banks during the pandemic (early 2020 to end 2021).
In this high interest rate environment, the costs of borrowing have increased. Still, life goes on. Maybe you’re planning for children. Or you’re thinking of buying another home.
As your financial needs and goals evolve, refinancing your home loan can be one way to help achieve those aims. By adjusting your loan tenure, interest rates (and spread), and type of home loan, you can transform your mortgage and better handle how you finance your property.
So, how well do you think you can manage your home loan? Find out through our quiz below! We’ll walk you through various refinancing scenarios and you’ll pick what you think is the correct answer. At the end of the quiz, we’ll score you according to how well you did, on a scale of 0% to 100% ready. Let’s begin!

Take Our Quiz on Refinancing Now

Refinance Your Home Loan to Achieve Your Financial Goals

And that’s it! What was your final score on how ready you are to refinance your home loan? Regardless of the result, it always serves you well to take an active approach to managing your mortgage.
Whether you’re looking to reduce your monthly mortgage payments or pay off your home loan ASAP, PropertyGuru Finance’s Mortgage Experts are on hand to guide you. With their expert help, you can achieve peace of mind knowing you’ve made an informed choice with the best outcome.
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