Switching Banks – Is it worth it?

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Switching Banks – Is it worth it?

Refinancing to a new bank can be painful. However these days there are sweeteners to make it worthwhile.

Benefits can include

Cash backs – a cash incentive offered to you by the new bank (has conditions like having to stick around for 3-4 years)
A chance to restructure terms – things like interest only reset
The cash backs could cover costs of getting a better ownership structure – Trusts, LTC’s

Costs

Any past cash backs may have to be paid back
Break fees and lawyers costs
Time required in switching banks – changing AP’s

bookameeting

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