Your Yearly Mortgage Checkup

7 great reasons to review your mortgage and stay budget-healthy.

Is your mortgage still working for you? Make sure you have the best rate and product for your goals — regardless of when you signed on the dotted line.

Take a quick pulse on your mortgage — to save more, or plan better.

It only takes a few minutes to review your mortgage file to determine if your current rate and mortgage product still fit your needs. And, if you're already thinking about upgrading or downsizing, or your renewal is coming up, we can help you plan now to save money later.

It makes sense to give your mortgage an annual 'physical' considering it's such a big investment. You can even do it from the comfort of your own home. We make it easy.

You just might be able to save more cash. Or pay off your mortgage faster than you think. Or use equity in your home to make improvements.

We provide this valuable check-up service to you — for free, with no obligation.

If you're an existing client, you don't need to remember to contact us, you'll automatically receive a checkup call — though you're welcome to submit our form below if you'd like to start your checkup right away.

If you're not currently a client — our expert mortgage brokers can quickly offer targeted advice based on the details you provide.

7 great reasons to do a yearly mortgage checkup

1. Re-examine your rate

Do you still have the best rate for your situation? Mortgage rates can change quickly, especially as markets heat up (or cool down).

  • Can you save money with a switch to a lower rate?
  • Is it time to lock in to a fixed rate, or change to a variable rate?
  • Would you benefit from an early renewal if rates are rising?

Depending on the rate difference and any pre-payment penalties involved, your expert broker can help you determine your best rate option based on your specific situation, or decide on a strategy you feel good about if rates change in the upcoming months.

2. Free up some cash

Are you interested in lowering your monthly mortgage payments to help free up some extra cash? Depending on your situation, you may be able to switch to a lower rate, trigger a refinance or extend your amortization.

Take a spin with our great calculators to see some numbers, then talk to an expert broker for your exact picture.

3. Get back into shape (debt-wise, that is)

Average household debt (excluding mortgages) increased in 2021. Have you considered consolidating your other debts into one mortgage payment? A refinance may help you regularly pay down your debt to get in the clear or improve your credit report, plus save you money with a lower interest rate.

4. Make improvements by accessing home equity

Does your home need some TLC, or energy-efficient upgrades? Or perhaps you'd like the extra funds to invest or help the kids go off to college. If you have equity built up in your home, a refinance or setting up a Home Equity Line of Credit (HELOC) may be the added help you need to get things done or to set you up for a healthier financial future.

5. Get a new lease on life by paying off your mortgage faster

Even a small tweak to your monthly payment schedule can shorten your mortgage length significantly — saving you thousands on interest overall. Your expert broker can outline your options to squeeze a little more down on principal every month, or save up to put down a lump sum (called pre-payment privileges).

In fact, knowing the numbers ahead of time and working out a strategy will help keep it 'top of mind' when your life gets busy. And before you know it, you may be celebrating your last official mortgage payment!

6. Improve flexibility (in your mortgage conditions)

You're only as flexible as your current mortgage agreement allows. Your mortgage review may unearth unsettling restrictions or pre-payment penalties, which may cost you more in the long term.

Your expert broker can help you decide if a change is in your best (mortgage) interest, especially if you need better options heading into the future. At the very least, understanding your mortgage fine print can help you make more informed decisions along the way.

7. Considering a lifestyle change? Get pre-qualified to know your limits

Are you thinking about buying a next home to trade-up for more space or downgrade for less maintenance? Or perhaps you'd like to buy a vacation home, or invest in a rental property.

Being as prepared as you can, as early as you can, will help you decide what you can afford, what rate you may qualify for, and if you'll need more for a down payment.

A rate discussion with our expert brokers is always informative. They can help you decide when may be the best time to make your move, based on your details.

Help your mortgage stay fit as a fiddle — to save cash and stress.

Even if you and your True North Mortgage broker decide that no changes are necessary, you'll have peace-of-mind that you're doing everything you can to save money and manage your financial goals.

Having the right rate, mortgage product and an expert broker in your corner is a fantastic way to start off another year.

We're here for you, anywhere you are in Canada — online, over the phone, through our chat bubble, or drop by one of our convenient store locations.