Should You Refinance Now or Wait Until Later? How to Determine the Best Time to Refinance

Marci • December 26, 2014

If you’ve been diligently paying off your mortgage for a number of years you’re likely curious about the savings you might be able to get by refinancing. In today’s blog post we’ll share a few key questions that can help you determine if now is a good time to refinance your mortgage.
Fixed Vs. Variable Rate Mortgages- Which Is Best for a Vancouver Home Buyer_

Do You Need to Leverage Your Home Equity?

If you’re like most homeowners, refinancing your mortgage means the opportunity to tap into some of the equity that you’ve built in your home over time. Whether you want to use these funds to finance a child’s university education or to renovate and upgrade your home, if you need to leverage your home equity you can refinance your mortgage for more than you currently owe on your home. Contact me for more information and I can fully explain how this type of refinancing works.

How Much Lower Will Your Interest Rate Go?

Refinancing means that you’ll be taking out an entirely new loan – and that means that you’ll be paying a different interest rate. As such, you’ll need to figure out if you can get a better interest rate than the one that you have with your current mortgage. While some believe that you’ll want to aim for a decrease of about 2 percentage points, you can actually save quite a bit of money even with just a 1 percent drop. If your interest rate is going to go up you may want to reconsider as you’ll end up paying a higher monthly payment each month.

How Long Do You Plan on Living in Your Home?

If you’re planning on selling your home within the next few years you’ll need to do some math before refinancing your mortgage. There are costs attached to refinancing – costs that will be recovered in the money you save each month by switching to a new mortgage. The easiest way to calculate the amount of time you’ll need to stay in your home is to divide your total refinancing cost by the amount that you save on your mortgage each month. For example, if your refinancing costs a total of $2400 but your mortgage payment drops by $50 each month you’ll need to stay in your home for 48 months to fully recoup these costs.

Has Your Credit Been Improving over Time?

Finally, you’ll want to consider whether your credit history has gotten better or worse since you first took out your mortgage. If your credit has improved you may find that refinancing unlocks lower interest rates as your loan is seen as less risky. Conversely, if your credit has suffered a bit in the past few years you may find that refinancing means a higher interest rate and greater long-term borrowing costs.

As you can see, there are a number of factors that you’ll need to take into consideration to ensure you’re refinancing your mortgage at the correct time. Contact me by phone or email at your convenience and I’ll be happy to help you assess your current mortgage and how much you might be able to save by refinancing.

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Bank of Canada Holds Rate at 2.25% — September 2, 2026

By Marci Deane • September 2, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. While Canada's economic recovery is broadening, a new layer of uncertainty has entered the picture. Here is what happened and what it means for your mortgage.

What Older Canadians Should Know About Mortgage Financing

By Marci Deane • August 26, 2026
Retirement doesn’t always mean a mortgage-free life anymore. And that’s okay. Between higher home prices, rising living costs, and longer life expectancy, many Canadians are choosing to retire with a mortgage or refinance later in life to create more flexibility. The goal isn’t perfection. It’s having options that actually support the life you want to live. If you’re thinking about how a mortgage fits into your retirement years, you’re not alone—and you’re not out of options. Why work with an independent mortgage professional? Because retirement financing is not one-size-fits-all. Unlike a single bank, an independent mortgage professional can look across multiple lenders and solutions to find what truly fits your income, equity, and long-term plans—not just what one institution offers. Mortgage options available in retirement Traditional Mortgage Solutions Many retirees still qualify for standard mortgages. Pension income, investment income, and other retirement sources can often be used to support an application. If you have good equity and solid credit, this is often the lowest-cost option. Reverse Mortgages For homeowners 55+, a reverse mortgage can unlock tax-free equity from your home with no monthly payments required. There’s no income verification or medical questions, making it a helpful option for those who want to improve cash flow while staying in their home. Home Equity Line of Credit (HELOC) A HELOC allows you to access your home equity as needed and only pay interest on what you use. Many retirees appreciate the flexibility and like consolidating income and expenses in one place. Private Financing Sometimes life throws a curveball. If timing, income, or credit create challenges, private financing can act as a short-term bridge. It’s not usually the first choice, but it can provide solutions when traditional lenders can’t. If you’re approaching retirement—or already there—and wondering how your mortgage fits into the picture, let’s talk. A clear plan can make retirement feel a lot more secure and a lot less stressful.

What Online Mortgage Calculators Can—and Can’t—Tell You

By Marci Deane • August 19, 2026
What Online Mortgage Calculators Can—and Can’t—Tell You Online mortgage calculators are everywhere—and on the surface, they seem like a no-brainer. You plug in some numbers, and out pops what you can “afford.” Simple, right? Not quite. While the math itself is correct, the story behind those numbers is often misleading. Mortgage qualification isn’t just about numbers—it’s about context, risk, and lender policy. And that’s where calculators fall short. The Numbers Are Accurate—but the Picture Isn’t An online calculator can show you what a payment might look like at a given interest rate, or how making extra payments could reduce your amortization. That’s useful information! But when it comes to mortgage qualification , calculators don’t account for the many variables that lenders consider, such as: Your credit history and score Employment type (salary, self-employed, contract) Outstanding debts and monthly obligations Assets, savings, and down payment source The property type and location you’re buying Lenders evaluate all these factors through their internal risk models. That means two people entering the exact same numbers into a calculator could receive very different results when they actually apply for a mortgage. Why Online Calculators Can Mislead You When you see a “How much can I afford?” or “Mortgage Qualification” calculator online, it’s easy to treat the result as fact. But these tools don’t know your financial story—they only crunch the data you enter. A calculator can’t predict how a lender views your risk, how new mortgage rules apply to your file, or how things like spousal support, car loans, or variable income will impact approval. In short: calculators estimate payments, not qualification . Use Calculators the Right Way Don’t get us wrong—online calculators still have value. Use them to explore different “what-if” scenarios: How do payments change with different down payment amounts? How would a rate increase affect affordability? What if you added $100 a month to your payments? These tools are great for helping you understand your comfort zone. Just remember: they’re a starting point, not a green light. The Real First Step: Get a Pre-Approval If you’re serious about buying a home, skip the guesswork and get a mortgage pre-approval . It’s quick, free, and gives you real-world clarity on what you can afford. A pre-approval looks at your full financial picture—income, credit, debts, assets—and provides a framework for your purchase price, payment range, and rate options. It’s the only way to get a reliable answer to the question, “What can I really afford?” Final Thoughts Online calculators are convenient, but they can’t replace expert advice. Think of them as a starting point, not a solution. A professional mortgage broker can interpret the numbers, navigate lender policies, and tailor your financing strategy to your actual situation. If you’d like help understanding your true buying power—or want to get pre-approved with confidence— reach out anytime . I’d be happy to walk you through your options and help you make sense of the numbers.