If you do, your mortgage renewal is the best time to do this so you can avoid future penalties

If you have a car loan, lines of credit or credit card debt, it may be advantageous to use your mortgage to pay this off so you can save on interest and reduce your monthly expenses. Your mortgage renewal is the best time to do this to avoid penalties.

If so, it may be best to setup a home equity line of credit (HELOC) to reduce the overall interest you pay. You can also use this HELOC for emergency purposes or as a down payment on a second property!

If you are planning on making large extra payments on your mortgage, then we will want to consider the mortgage lender you choose. Some banks offer better prepayment options then others!

If you are wanting to make your mortgage payment more affordable, then we could consider extending your amortization. Conversely, if we want to pay the mortgage off sooner and reduce the interest you pay, we will want to consider reducing your amortization!