‘Tis the season to return things that don’t fit.
Considering that your mortgage (and your home) is likely your biggest purchase ever — how helpful would it be to have a return option with the excuse of being ‘two sizes too big’?
Unfortunately, your big buy also comes with a strict mortgage loan contract and a ‘final sale, no returns’ policy. Yet, that doesn’t mean you’re entirely stuck holding the (mortgage) bag.
Many Canadian homeowners don’t realize that the features in their mortgage fine print might help them lower their payments, pay less interest over time, or make beneficial changes — like exchanging their open or variable-rate
Or that getting a brand-new mortgage to access a better rate or home equity funds may actually save them cash.
Here are several pressing reasons to get a fast (free) mortgage checkup with the friendly brokers at True North Mortgage — who advocate for you, not the lender.
Change into a better mortgage rate
Both variable and fixed mortgage rates fell in 2024. Variable rates are expected to fall further into 2025, and fixed rates may not have much lower to go until the unknowns of 2025 shake out (politically, economically, and tariff-ly) — and may even rise again by around 0.15%.
Breaking now for a lower rate might help you save over and above pre-payment penalties. Or you can get a handle on your best renewal savings option and hit ‘checkout’ when the time is right to save the most.
Browse or add beneficial mortgage features
Can you recast or port your mortgage? What about changing your payment frequency (hopefully for free) to save on interest? Understanding your mortgage features and the potential fees can help maximize your savings potential.
You may also discover unsettling penalties or restrictions that could cost you more if you need a change. In that case, expert advice could help you get free or improve your mortgage outlook.
Shopping spree hangover? Consolidate debts into one easy payment
Canadian consumer debt rose to a record $2.5T in the third quarter of 2024.
If you hope to improve your 2025 financial outlook, consolidating your debts into one mortgage payment and a lower mortgage rate could save you cash versus paying higher credit card or personal loan interest rates — and help you get in the clear and strengthen your credit report.
Spend wisely — to fund personal goals or grow wealth
Canadian homeowners are sitting on a lot of home equity, especially as mortgage balances are paid down.
Accessing funds through a refinance can fuel your 2025 personal or investment goals to get ahead. For example, you may want to consider further education — or a recent insured mortgage rule change that will allow more home equity toward secondary-suite construction (
Does your mortgage have flexible pre-payment privileges? Putting even a little extra down over the year can add up to significant interest savings and help you pay off your home purchase faster.
Lifestyle change-up? Get pre-qualified to know your limits
Higher prices and interest rates may mean you’d prefer to downsize. Or, with rates trending down, perhaps 2025 is your time to buy a bigger home or second home — or finally jump into the market, taking advantage of all the first-timer financial help available.
Now is a great time to find out what you can afford with a pre-approval and possibly snag a home deal (and a great mortgage rate) before the busy spring housing market warms up.
Do you know about recent mortgage rule changes?
In Fall 2024, the federal government announced certain mortgage rule easings for insured (high-ratio home purchases with less than 20% down payment) and uninsured mortgages (conventional loans with 20% or more invested).
Check with your expert broker to see if these new rules benefit your home shopping or renewal approach.
Make 2025 the ‘Year of the Mortgage’
You’re not alone if you think 2025 is a good year to resolve to spend less.
Having a go-to broker relationship in place now — or re-connecting with the personalized True North Mortgage service you enjoyed — can help make this year one to celebrate.
True North makes it easy to engage online, by phone, email, or in-store. If you request a free mortgage checkup, one of their highly trained, salaried professionals will quickly review your current mortgage and offer unbiased advice, regardless of whether your details are straightforward or more complex.
If you decide not to make changes now, you’ll have peace of mind that your mortgage is not just another impulse buy.
This year, resolve to save more mortgage money. Contact Canada's No. 1 Mortgage Broker today for friendly, expert help — in your preferred language.