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."