All the ways to save on your mortgage.

1. Save with your better rate, right off the start

It's obvious (to me and our True North Mortgage brokers) that getting your best, lowest rate (for which you qualify) is a great way to save thousands. If you're buying a new home and go straight to your bank, you'll likely pay a higher rate because they 'bank' on your loyalty rather than compete strongly on rates.

We can access several lenders to find your best rate (guaranteed), PLUS pass along a volume discount to get it even lower. We're known for having the best rates in the industry, and we work hard to achieve that for every client.

Our lowest advertised rates are for specific products, but no matter your situation or the complexity of details, we can suggest ways to save. Home-shopping soon? Rates are volatile — get a fast pre-approval and hold your rates now in case they change.

2. Switch to a lower rate or better product

Do you regret paying that higher mortgage rate with your big bank?

• Check with us any time, especially during your mortgage renewal period, to see if we can switch you to a better rate and a more flexible mortgage
• It may be worth it to break your mortgage for a better rate or product (e.g. one that will get you ahead with better pre-payment privileges)
• Is it time to switch or lock into a fixed rate? If you think that variable rates are on the way up during your term, each prime rate hike (set into motion by Bank of Canada policy rate decisions) can squeeze your budget.
• Our low Rate Relief™ 6-month product offers budget room while you wait for rates to settle (read more to see if this product is right for you)
• Choose a shorter-term fixed rate, such as a 2- or 3-year rate, to renew into (hopefully) lower rates sooner

It's free, and there's no obligation to get our advice for your important rate decisions.

3. Save more with a conventional mortgage

Do you have money saved up for a holiday or a big purchase? Consider adding it to your down payment to reach at least 20% of the home price and qualify for a 'conventional' mortgage.

Not only will your mortgage size and monthly payments be reduced, but you may also be able to extend your loan to 30 or 40 years for even lower payments (see more on this below). You also won't need the mortgage default insurance required on a high-ratio mortgage (less than 20% down).

The overall savings difference on a $500K home price with a 10% vs. 20% down payment (with a 5-year fixed rate of 5.0% and standard 25-year amortization) is over $51K! A conventional mortgage typically comes with a higher rate (no insurance on the loan), but you'll still likely save more.

4. Extend your amortization to lower your payments

Extending beyond the standard 25-year mortgage can lower your payments and free up monthly budget room when you buy a home or refinance at renewal.

On a home purchase. If you're an eligible first-time buyer with an insured mortgage (less than 20% down), you may be eligible for a 30-year amortization. With a conventional mortgage (20% down or more), you may qualify for up to a 40-year mortgage.

On a new-build purchase. All new-build buyers can extend to a 30-year amortization on an insured mortgage.

On a renewal. If you've had your mortgage for a few years, you may be able to extend your amortization back to your original length or out to 30 or 40 years.

Built up equity? If you initially had a 25-year, high-ratio mortgage and, through extra payments, have brought your loan-to-value (LTV) to 80% or lower, you may now qualify for a 30- or 40-year amortization.

5. Save on other debt

If you have other debt at higher interest rates, now might be a good time to refinance to consolidate your loans into one mortgage payment at a lower rate. It can help you save money on interest and allow more budget space. The catch, however, is not to run up those other loan sources again and focus on paying down your new mortgage.

• Reduce the number of loans you're paying to just one mortgage
• Your monthly mortgage payment will be higher, but you'll avoid being nickel-and-dimed by other payments
• You could save thousands on interest costs and help free up cash flow
• Need a second mortgage to keep your first mortgage rate intact? We may be able to help where big banks can't.

Read more: Complex Mortgage Solutions

6. Pay a lump sum on your mortgage principal

Do you have some cash stashed? Think about spending it on your future (mortgage) self.

Paying down your mortgage faster with extra funds put toward your principal can help you save thousands rather than spending your hard-earned savings on higher interest costs.

• A lower principal amount means paying less interest
• You could end up with a shorter amortization to pay off your mortgage faster — unless you recast your mortgage to get lower payments for budget relief now
• Your extra principal payments could help buffer against future rate increases
• Extra down could allow you to lower your payments at renewal

7. Increase your mortgage payment frequency

If you have the budget room now, speed up those monthly payments to save thousands on interest and pay off your mortgage faster.

How much can you save by going from monthly to bi-weekly accelerated payments? Let's take a $500K home price with a minimum 5% down payment (a high-ratio mortgage that requires default insurance) and pair it with a 5-year fixed rate of 5.0% (and standard 25-year amortization).

In your first 5 years, you can save over $2K in interest, and over the life of your mortgage, you'll shave off about 3.5 years to save over $60K in interest.

8. Port your rate and mortgage to a new home

Many lenders and products include a portability feature that may let you move your rate and product from one property to your next one (depending on government restrictions and lender conditions).

So, if you plan to move mid-term and mortgage rates are higher, being able to bring your lower rate with you, or getting a lower blended rate, can help make the move easier on your budget.

9. Access first-time home buyer programs and rebates

I wish I could talk to every potential first-time buyer in Canada.

We get so many 5-star reviews for a reason. Our brokers are highly trained, with hours and hours put in on top of what each employee brings to the table in knowledge and experience.

We offer volume rate discounts, flexible mortgage options, savings on costs and fees — and personalized advice on programs and rebates they may not know about to help their first mortgage become a sound financial strategy.

We've also developed a best-ever First-Time Home Buyer's Guide to support the journey (including essential tips and worksheets) from beginning to end.

Watch this first-time buyer talk about how her True North experience made her dream come true.

10. Co-live, to co-mortgage

To bring home affordability within reach, consider multigenerational or co-ownership of a larger home to share with family or friends.

You can pool your resources for a larger down payment and split other costs, including the monthly mortgage payment. Or, many are turning to rent-to-own setups to own a home and eventually end the renting cycle (but watch out for the fine print).

Especially in higher-priced regions, the right planning may help you get into homeownership sooner than going it on your own.

11. Tap your home equity for lower-interest funds

With rising rates, your mortgage will still offer a much lower-interest way to borrow compared to the jacked-up rates you'll get with credit cards or private loans.

If you have equity in your home, we can help you explore a refinance, a HELOC, or a second mortgage for extra funds for investment, minor home upgrades, or schooling.

12. Skip a mortgage payment to pay off higher-interest debt that month

A few lenders allow good-credit clients to skip a mortgage payment for at least one month (restrictions may apply).

Using this option will 'defer' your mortgage principal for that same amount and will be added to your amortization length, which means you'll pay a little more interest over the lifetime of your mortgage.

However, the budget break may allow you to catch up elsewhere to save on interest and reduce debt obligations.

13. (Bonus Tip!) Watch out for mortgage traps that may cost you more

See an 'ultra-low' rate on the web? Our expert brokers can help you uncover the fine print and see whether that bargain-bin rate comes with hefty restrictions, hidden fees, or extra costs that erase any savings you think you're getting.

Or, if you use a rate comparison site, make sure you're okay with them packaging up your data for whatever third party they designate (it's actually their business model to sell your info).

We always say your best rate matters, but so is having a flexible mortgage product and transparent advice to go with it.

Your mortgage should work with you and your financial goals — not against you. If you think you'll need a change or want certain pre-payment options, the right mortgage fit matters to save money on penalties or other costs you didn't see coming.