A controlled-refinancing strategy, what I call “Future Proofing’; is your simplest path to mortgage freedom (it is definitely not ‘Set and Forget’). You can accomplish this by working with a trusted Mortgage Broker who will automatically monitor your home loan by periodically comparing it to more recent loan offerings.
At the very least it often means you can let your current lender know that you are aware of better loan options that you qualify for, and often they will try to match the deal to keep you as a customer.
For example, a bank customer was informed of an available loan option that would save them 0.65% compared to the existing bank loan. This customer raised this with their bank and got a similar rate reduction applied to their loan.
When combined with Advanced Mortgage Reduction Strategies discussed in The 7 Easy Steps to Mortgage Freedom, you can really fast track your path to mortgage freedom by knowing when to refinance strategically.