At your next renewal, be sure you are accessing the lowest rate and best mortgage option available. Rate holds can be accessed up to 6 months prior to renewal to safeguard against rate increases. If a more equitable mortgage product can be secured with a new lender prior to renewal than a ‘switch’ may be a viable option. A traditional switch with no new funds added to the mortgage would be completed with no new costs to the client. On approved credit the lender will cover any appraisal or title transfer costs.
This may also be a good time to consider accessing any additional accessible equity in your home. As mortgage funds are traditionally much lower than unsecured debt, this could be a great opportunity to consolidate debt, purchase RRSPs for tax savings, upgrade a vehicle, or fund a much needed vacation.
There is also room at this time to make adjustments to payments/amortizations to better fit your budget and goals.