Refinancing your mortgage in 2025 can be a smart financial move, and at Mortgage Man DLC, we’ve seen just how much it can benefit our clients! 🏡

While refinancing is often done at the end of your mortgage term to avoid penalties, the timing really depends on your goals. Whether it’s unlocking equity to fund renovations, consolidating debt, or taking advantage of lower rates, refinancing can offer endless possibilities.

Let’s break down how refinancing could work for you:

🔑 Get a Better Rate: With the Bank of Canada adjusting rates over the past months, now is an excellent time to refinance for better rates and lower monthly payments. Experts predict even more drops in 2025! Check out the list of 2025 rate announcement dates.

🔑 Consolidate Debt: If you have high-interest debt, refinancing could help roll everything into one payment—at a lower interest rate. Simplify your finances and save more in the long run!

🔑 Unlock Home Equity: Need funds for renovations, education, or a large purchase? Refinancing allows you to tap into your home’s equity to achieve your financial goals.

🔑 Change Your Mortgage Product: Refinance to adjust your mortgage terms. Lock in a lower fixed rate, switch to a variable rate, or adjust your payment schedule to suit your financial plans.

✨ Exciting Updates from the Government of Canada:

• As of November 21, uninsured mortgages no longer require passing the stress test when switching lenders during renewal (as long as no extra funds are added).
• Starting January 15, default-insured mortgages can refinance up to 90% of their value to fund secondary suites.

Refinancing in 2025 offers so much flexibility and opportunity. Want to know if it’s the right time for you?

Let’s chat about your options!
📞 Contact us today at 705.326.8523.