Trick question - it’s always a good time.
If you are like most Canadian homeowners, then you likely set yourself up when you bought your home and really haven’t really considered your mortgage much since. But I actually recommend that you check in on your mortgage at least once per year to run the numbers and reflect on how both your personal situation and the economic landscape have changed.
Here are just a few of the ways that reviewing your mortgage could help you today.
Outsmarting your renewal
If you are in a 5-year low-rate term right now then you’re likely just waiting for that lender renewal offer to appear right before your term is up, right? But here’s the thing - not only do you not have to wait for that offer, you actually shouldn’t wait at all. Most often, lenders will throw you their best posted fixed rate that day and forget about it. Working with a trusted broker well in advance gives you the opportunity to find the best possible mortgage for you on the market, potentially saving you thousands.
Accessing cash sooner
Most lenders are hesitant to hand you an umbrella on a rainy day - they’d much rather lend when things are looking sunny! This is why, if you’ve been considering refinancing to loosen up some cash flow, you should review your mortgage and consider your options to create a financial safety net before you actually need it.
And of course, it’s always wise to review your mortgage payment. The mortgage landscape is always launching innovative new options. So, if your payment is becoming burdensome for your household, checking in to see what a simple restructuring could do is never a bad idea.
Think of your mortgage like your car - sure, you could just bring it in for maintenance when the “check engine” light comes on, and probably face a hefty bill. Or, you could check the engine from time to time, just to make sure she’s doing okay, and keep more of your cash in your pocket. Let’s pop that hood today!