A free mortgage review may identify ways to get extra cash or budget room this year and beyond.
Think your mortgage is ‘set it and forget it’? You could be paying more than you should or not have the right options in place, depending on your goals for the year ahead.
After a tumultuous 2025 (dominated by ‘T’ words, like Trump, tariff, and turnabout), now is a good time to reset your finances, starting with that mortgage payment.
Yes, you have a mortgage contract. But your situation isn’t necessarily set in stone. There may be viable options to help you handle
higher rates or refresh your budget for a brand-new year.
1. Re-examine your rate to save more
Do you have the lowest rate possible for your situation?
As trade turmoil and economic uncertainty weighed on markets in 2025, the Bank of Canada slashed its policy rate by another 1.0%, lowering variable and fixed mortgage rates.
- How soon can you get a lower rate?
- Does a mid-term break make savings sense?
- Can you port your lower rate to your next home purchase?
- Do you need a better open variable-rate mortgage as you plan a future move?
Don’t just white-knuckle it, waiting for lower rates. Ask an expert (salaried) mortgage broker for advice, and perhaps you shall receive.
2. Get a better deal at renewal
According to the CMHC, over 1 million Canadian homeowners will renew their mortgages in 2026. If you’re one of them, you may be facing higher or lower mortgage rates, depending on whether your term started during or after the pandemic (historically low vs much higher rates).
Regardless, it’s not just about getting your best rate for your next term — though accepting your first renewal offer means you’ll likely pay more.
Other options to consider include which term or rate type suits your situation amid ongoing market volatility, or whether extending your amortization for lower payments is viable.
You may also be able to renew sooner than you think. Some lenders allow you a contract redo 6 months before your mortgage maturity date, rather than the industry standard of 4 months.
(When is your renewal? True North Mortgage, a top, trusted brokerage in Canada, offers a simple, free reminder to help ensure you don’t miss your window, which can cost you extra.)
3. Change your 2026 funding scope
Need to access funds to take a vacation, invest, or get schooled (more education for a better-paying job or work-from-home privileges)? A well-timed refinance, cash back on your home purchase, or HELOC (home equity line of credit) added to your mortgage can alter your yearly financial outlook.
4. Get back into shape (debt-wise, that is)
Just as popular as a New Year’s Resolution to get into better physical shape is the goal of restructuring debt for healthier finances. Average Canadian household debt spiked in 2025, and holiday shopping likely didn’t help much.
Think of debt consolidation as a gym membership for your mortgage. One payment, less financial weight, and lower interest rates than most credit cards or personal loans.
Or in some cases, a short-term second mortgage can provide the extra support needed to get finances back on track.
5. Access home equity for an energy upgrade
How long have you considered upgrading your home or installing energy-efficient systems? If you have enough equity in your home, 2026 might be your year.
An expert broker can help you find the best options to access those funds.
6. Pay off your mortgage faster
Even a minor tweak to your mortgage payment schedule can shorten your mortgage length significantly, saving you thousands (and thousands) on interest.
- Paying more down, more often, goes directly to your mortgage principal and can help you get ahead of higher rates.
- Consider paying a lump sum using your (hopefully generous) pre-payment privileges.
- Ask about recasting your mortgage for lower payments.
7. Improve flexibility (in your mortgage conditions)
You’re only as flexible as your current mortgage contract allows. Your mortgage review may unearth restrictive terms or higher penalties if you pay down too much or need a change.
8. Get pre-approved now to know your limits
Are you considering trading up for more space or downgrading for less maintenance? Or buying a vacation home or a rental property?
Getting pre-approved provides vital information — such as how the mortgage stress test and down payment amount can affect your affordability and monthly payment.
So, what’s stopping you from a mortgage review?
If you’re like most, your phone is an extension of your arm, or at least within arm’s reach.
A simple call or click can quickly get you talking with a salaried, highly trained True North Mortgage broker for a free mortgage checkup and unbiased advice.
It doesn’t matter which bank you use — True North will help you out. They can also pass along rate discounts for several lenders and personalized mortgage strategies for years to come.
Unlike a gym membership, it’s a no-obligation (mortgage) way to start a friendlier, happier, budget-healthier new year.
Set your budget up for a better 2026. Get expert mortgage advice to save thousands with your best rate and stress-free process, online or in-store. Contact Canada’s No. 1 Mortgage Broker today.