Why should I review my mortgage?

A mortgage review can help determine whether you're paying a competitive rate, whether your mortgage still fits your financial goals, and whether there are opportunities to save money or build equity faster.

How much could I save by reviewing my mortgage?

Even a modest reduction in your interest rate can save thousands of dollars over the course of your mortgage term. Savings depend on your mortgage balance, amortization, and remaining term.

What questions should I ask when reviewing my mortgage?

• Am I getting the best available rate?
• Should I switch lenders?
• Is refinancing a better option?
• Can I reduce my monthly payments?
• Can I pay off my mortgage sooner?
• What penalties or fees apply?
• Should I access my home equity?
• Does this mortgage still fit my financial goals?

Can I access my home's equity when reviewing my mortgage?

Yes. Refinancing can allow eligible homeowners to borrow against a portion of their home's equity for renovations, investments, education, or other major expenses.

Can I consolidate debt when reviewing my mortgage?

Yes. If you have sufficient home equity, refinancing may allow you to consolidate higher-interest debt into your mortgage, potentially reducing your overall monthly payments.

What mortgage features should I compare besides interest rates?

Look at:

• Prepayment privileges
• Penalties for breaking the mortgage
• Portability
• Payment flexibility
• Ability to increase payments
• Mortgage transfer options
• Customer service
• Overall borrowing costs