2 answers from licensed, verified mortgage brokers.
Refinancing before renewal can make sense when your financial situation or goals have changed. For example, you may want to pay off higher-interest debt, access equity, improve cash flow, change the mortgage structure, or remove a borrower from the mortgage and/or title.
But refinancing before renewal can come with penalties, fees, and other costs, so it's important to consider the full picture, benefits and costs, before deciding whether it makes sense.
Answered October 2026
Refinancing before maturity makes sense if you are carrying a lot of consumer debt. If you have the equity available, you can refinance up to 80% of the property value to include consumer debts in your mortgage for one payment to lower your monthly expenses and to free up cash flow.
Answered October 2026
✓ Answers reviewed by VerifiedAdvisors.ca. General information only, not personal financial advice. Speak with a licensed broker about your situation.