You can consolidate all of your debts into one payment. Life Happens. Sometimes a financial reset is in order. If you have high‐ interest unsecured debt that is eating up your cash flow, brining everything into one low payment secured by your mortgage could be a great option for you. Not only does this option give you breathing room in your daily life, but it will also help to protect your credit score if you are at risk of missing payments.

Canadians today face many reasons to refinance their mortgage. If your mortgage is up for renewal and you’re looking at a new term anyway, this is the perfect time to consider adding money to the balance outstanding as there won’t be a cost to break your existing mortgage. Breaking your mortgage mid‐term will incur a penalty. Waiting until your term is up won’t.

When considering a refinance you should consider breaking your term and paying the penalty if the terms on the new mortgage can save you more money in the coming years.