Refinancing Your Mortgage in Georgetown
Georgetown values have doubled while mortgages shrank. How to reach that equity, the penalty math to run first, and when not to refinance at all.
Read more →
Renewals & Refinancing
Your renewal letter came. Don't just sign it.
That letter is not your bank's best rate. It's their easiest sale. Roughly seven in ten Canadians sign it anyway. Let me shop it against the whole market first, and tell you honestly whether staying put is the right call.
Renewal is the one moment where you have all the leverage and almost nobody uses it. Your mortgage is up. You're free to move it. Switching lenders at renewal usually costs nothing beyond a small discharge fee, and plenty of lenders cover even that.
Refinancing is a different question, and I'll be straight with you about it. Breaking a mortgage mid-term to access equity or clear debt can absolutely be the right move. It can also be an expensive mistake if the penalty math doesn't work. That calculation takes me about fifteen minutes and it's free. Run it before you commit to anything.
This is probably you if…
Your renewal is inside the next 12 months and you haven't shopped it.
You're coming off a 2020 or 2021 rate and the new payment looks brutal.
You want to reach your home equity without breaking a low rate.
Credit card and line of credit balances are eating your monthly cash flow.
Your bank sent one rate and no explanation of your options.
You want to know the penalty before you decide anything.
Go deeper
The questions that come up most at renewal and refinance time.
Tap Your Equity Without Breaking Your Low Rate
Locked into a great rate but need cash? Don't break the mortgage. Here's how to access equity in second position and keep the rate you fought for.
Read more →Do You Need a Lawyer to Refinance in Ontario?
Yes, in almost every case. What a real estate lawyer actually does on a refinance, what it costs, and the narrow cases where you can skip one.
Read more →When Bond Yields Go Up, What Happens to Rates?
Fixed rates follow bond yields, not the Bank of Canada. How the connection works, why there's a lag, and what it means for timing your renewal.
Read more →Renewal not for a while? Stay in the loop.
Get the same plain-English mortgage notes I send clients: where rates are heading, lender changes, and a nudge before your renewal window opens.
You're on the list.
Thanks. I'll be in touch, and you'll get the same plain-English mortgage notes I send clients. Check your inbox (and spam, just in case).
Questions I get a lot
When should I start looking at my renewal?
Four to six months out. Most lenders will hold a rate for you 120 days ahead, so starting early costs you nothing and protects you if rates climb. If they fall in the meantime, you take the lower one. There's no downside to starting early and a real cost to leaving it to the last week.
Does switching lenders at renewal cost me anything?
Usually very little. At renewal your term is finished, so there's no prepayment penalty. You may see a discharge fee from your current lender, typically a few hundred dollars, and many lenders I work with will cover that to earn your business. It's a much smaller hurdle than most people expect.
How much is my penalty if I break early to refinance?
On a variable it's normally three months' interest, which is usually manageable. On a fixed it's the greater of three months' interest or the interest rate differential, and the IRD can run into five figures depending on your lender and how much term is left. Send me your renewal letter and I'll calculate it properly before you decide.
Should I roll my credit card debt into my mortgage?
Sometimes, and it's genuinely case by case. Moving high-interest debt to mortgage rates can free up serious monthly cash flow. The risk is stretching short-term debt over 25 years and paying more in total interest, or clearing the cards and running them back up. I'll show you both numbers before you decide.
Renewal coming up, or thinking about a refinance?
Send me your renewal letter or your current terms. I'll shop it against the whole market and tell you honestly whether it's worth moving. No cost, no obligation.