When was the last time you took a close look at your mortgage and your finances?
The kids are back in school. The leaves are starting to change. Life is settling into its regular rhythm again. For many Calgary families, September feels like a “fresh start.” It’s almost like January, but without the snow. September is a natural time to check in on your goals, routines, and yes, your money. When was the last time you took a close look at your mortgage and your finances? If you haven’t had your annual mortgage review recently, September is the perfect time to do it.
As a Calgary mortgage broker with over 18 years of experience, I’ve seen how a simple financial review can make a big difference. Whether you’re buying your first home, investing, or want to stay on track, now is a great time to make sure your mortgage is still working for you. An annual mortgage review can help you identify savings and get ahead before the busy holiday season.
Why an Annual Mortgage Review Makes Sense Now—Not Just at Renewal
Many people think you can only change your mortgage at renewal. You may have options to refinance before your term ends. A refinance is possible if you have enough equity in your home.
A mortgage review can help you:
- Combine high-interest debt into your mortgage at a lower rate.
- Free up cash flow by reducing your total payments.
- Save on interest by swapping out 20%+ credit card rates for today’s lower mortgage rates.
- Plan for future expenses or life changes.
You don’t have to figure this out alone. I’ll walk you through the numbers and help you see what’s best for you.
Annual Mortgage Review: A Real Calgary Scenario
Here’s a real example. A Calgary family had a $420,000 mortgage at 5.29%. They also had $35,000 in credit card debt at 19.99%. By refinancing and moving their debt into their mortgage, they lowered their monthly payments by over $800. This was true even after paying pre-payment penalties. That’s $800 more each month for savings, kids’ activities, or just breathing room.
More Reasons to Refinance (If It Makes Sense for You)
Refinancing isn’t just for debt. Here are other reasons it might help you:
- Home renovations: Use your home equity for upgrades or repairs instead of high-interest credit.
- Buying a rental or investing: Use your equity to help buy an income property or invest elsewhere.
- Switching rates: Move from a fixed to a variable rate, or vice versa, to match your needs.
- Better pre-payment options: Get a mortgage that lets you pay extra without considerable penalties.
- Change your amortization: Pay off your home faster, or stretch payments to improve cash flow.
- Cover life events: Pay for tuition, medical costs, or other significant expenses at a lower rate.
- Use increased equity: If your home’s value has gone up, you may get better rates and terms.
- Cash-out refinancing: Access a lump sum for significant costs or new opportunities.
Annual Mortgage Review: What Savings Can I Expect?
Your savings depend on your current rate, the new rate, the amount of debt you’re rolling over, and your new mortgage terms. You could lower your payments, pay less interest over time, or get cash for other needs. If you’re rolling in high-interest debt, you could save hundreds each month. I can help run the numbers based on your situation.
Am I Eligible to Refinance Before My Term Ends?
Usually, you’ll need enough equity in your home, a good credit score, and a steady income. Lenders will check your debt-to-income ratio. They may also look at your full finances. There may be penalties for breaking your current mortgage early. I can help you check if you qualify.
What Costs Should I Consider Before Refinancing?
Here are some possible costs:
- Pre-payment penalties: Some mortgages charge a fee if you pay them off early.
- Closing costs: Legal fees, title insurance, and lender fees can add up.
- Appraisal fees: Your lender may want a new home appraisal.
- Discharge fees: Your current lender may charge a fee to close your mortgage.
- Inspection fees: Some lenders may need a home inspection.
- Mortgage type changes: Switching from fixed to variable, or vice versa, can change your payments.
- Market timing: If rates go up during the process, you could miss lower rates.
- High-ratio mortgage insurance: If your original down payment was under 20%, you would lose “insured” mortgage rates.
We’ll look at all these factors together. This way, you can make wise decisions.
Why September is Ideal for Your Annual Mortgage Review
Summer distractions are over. The holidays aren’t here yet. September is a great time to focus. Lenders are competing for your business. You may find special promotions or lower rates this fall. A Calgary mortgage review now could set you up for financial success before the year ends.
What’s Involved in a Mortgage Review?
A review is quick, private, and all about your needs. In just 30 to 45 minutes, we’ll look at your mortgage, debts, and goals. I use top digital tools, including the #1 Canadian Mortgage App, to estimate savings and show your options.
Worried about paperwork or penalties? I’ll handle the details. I’ll make sure you have all the info you need.
Let’s Do Your Mortgage & Financial Review
Even if your mortgage isn’t up for renewal, it’s smart to check your options. A review can help you reduce interest, consolidate debt, or get on a stronger path for the months ahead.
Want to see how much you could save? Contact me today to book your free annual mortgage review and financial checkup. There’s no obligation—just a chance to make sure your money is working as hard as you are.
Not sure where to start? Try my free web-based calculators or my #1-ranked Canadian Mortgage App for quick calculations. You can also call or email me.
