It all comes back to the client’s needs, says McQuaig. “Clients really need to think about a laddered approach to refinancing. How much of their interest rate exposure should be short-term versus long-term. Will they want to prepay? What type of assets they have underlying the financing and the use of the proceeds can greatly affect what is available to them.”
Is it time to refinance? Maybe. But it is definitely prudent for individuals to be aware of their options and the financial pros and cons associated with them. And their accountant is the perfect resource to help them crunch and understand the numbers.