Why refinance in the first place?
Most people refinance for one of three reasons: their term is up for renewal and they want to make sure they're getting a competitive rate, they want to consolidate higher-interest debt (credit cards, car loans, lines of credit) into their mortgage at a lower rate, or they want to access equity they've built up for a renovation, investment, or major expense.
Each of these has a different best path depending on your current mortgage, how much equity you have, and what your penalties look like if you're breaking a term early.
Renewals: don't just sign what your bank sends you
When your term ends, your current lender sends a renewal offer, and most people simply sign it without comparing anything else. That's usually a mistake. Banks routinely offer better rates to attract new customers than they do to retain existing ones on renewal.
The window that matters: most lenders allow you to lock in a rate 4 to 6 months before your term actually ends. Reaching out in that window gives enough time to properly compare offers instead of being rushed into a decision.
Consolidating debt through your mortgage
If you're carrying balances on credit cards or personal loans, folding that debt into your mortgage, assuming you have the equity to do it, can significantly reduce what you're paying in interest each month. It's not the right move for everyone, but it's worth running the numbers on.
Accessing equity for a renovation or other goals
If your home has appreciated or you've paid down a meaningful chunk of principal, refinancing can let you borrow against that equity, often at a better rate than unsecured borrowing, for things like a renovation, helping a family member, or an investment property down payment.
What I actually do
I compare your current mortgage against what's available across multiple lenders, factoring in any penalties for breaking early, and give you a straight answer on whether switching is worth it, including when the honest answer is "stay where you are."