When you want to change banks to access a better rate and/or better terms.
When you loan reaches term, you can change banks at no cost, but only if your balance and amortization remain the same!
A point to consider
Unlike refinancing, you cannot take out equity from your property. The good news is that making a simple transfer from one institution to another allows you to keep a better rate compared with those offered for refinancing.
Here are some of the financial institutions we survey for you: