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To refinance my mortgage or not to refinance my mortgage, that is the question. Below are some things to consider before you refinance your mortgage:


1.What will it cost me to get out of my existing mortgage. Most lenders in BC and Canada for that matter have a penalty of 3 months interest or more.

2.If you refinance your mortgage, will you be moving to a lower or higher interest rate?


3.Why do I want to refinance my mortgage? If it’s to payout debts, you need to take a look at how many times you have refinanced your mortgage? It it’s many, maybe you need to consider your spending habits vs. continuing to get into more debt.

4.If you want to refinance your mortgage to have access to flexible credit like a line of credit for investments, renovations or to make other purchases, if all the numbers make sense and you are not an habitual credit user, this could be a great option. You may also want to refinance to payout high inertest debts. This again is great if you can refinance and make a commitment to not run up those high interest rates again.

5.Cash flow crunch. Many people want to refinance their mortgage because of cash flow reasons. Many times they have access to a fair bit of equity in their homes however due to a change in employment or such, they are finding that they are being squeezed at the end of every month. Again, if all the numbers work and it makes sense with the rate and payout of penalties, this is a solid strategy to help through harder times.


At the end of the day, refinancing your mortgage can be a great option. Ensure you get the right advice to put you and your family in the best financial position. If you have any questions on refinancing your mortgage, feel free to call me 604 649-5991 or email at This email address is being protected from spambots. You need JavaScript enabled to view it.
Jared Dreyer, Accredited Mortgage Professional