Now that you’ve taken the time to review your mortgage renewal options, it’s crucial to think about what the next 3-5 years hold for you. Are big changes on the horizon, such as downsizing, upsizing, or purchasing that dream cottage? It’s essential to consider how these changes could impact your mortgage. Breaking a mortgage could result in significant penalties, but with careful planning, these can often be avoided. By closely matching your new mortgage term to the timing of these changes, you can ensure that you’re not only financially prepared but also able to take advantage of opportunities as they arise. So, before you make a decision about renewing your mortgage, take a moment to envision your future and consider how your mortgage fits into that picture. It’s all about making informed choices that set you up for success in the years to come.

If you know one of the following events is on the horizon for you then the time to deal with it might be your mortgage renewal since a little pre-planning could save you thousands in fees. 

Planned Home Renovations: If you’re aware that next year your roof will need replacement or you’re considering a kitchen remodel, it might be best to address these projects today by refinancing your mortgage to access the necessary funds.

Anticipated Job Relocation: If you’re expecting a job transfer or relocation in the next few months, it’s wise to prepare by considering whether you need to refinance your mortgage to facilitate the move.

Family Expansion or Downsizing: Whether you’re planning to welcome a new addition to the family or become empty nesters, upcoming changes in your family size could prompt the need to refinance your mortgage to accommodate your evolving housing needs.

Retirement Planning: As you approach retirement age, it’s essential to evaluate your mortgage situation and consider refinancing to align with your retirement goals, such as downsizing or paying off your mortgage before retiring.

Education Expenses: If you have children nearing college age, refinancing your mortgage may be a strategic move to access equity for education expenses or to adjust your monthly payments to accommodate upcoming tuition costs.

Healthcare Needs: If you anticipate upcoming healthcare expenses, such as medical treatments or modifications to your home for accessibility, refinancing your mortgage could provide the financial flexibility needed to cover these costs.

Investment Opportunities: If you’re considering investing in additional properties or ventures in the near future, refinancing your mortgage to access equity could provide the capital needed to pursue these opportunities.

Vehicle Replacement: If you know that your car will need to be replaced in the next year or two, refinancing your mortgage now could provide the funds needed to purchase a new vehicle without resorting to high-interest loans or leases.

Lifestyle Changes: Any significant lifestyle changes on the horizon, such as starting a business, traveling extensively, or pursuing a new hobby, may warrant a review of your mortgage to ensure it aligns with your evolving priorities.

End of Mortgage Term: Finally, as your current mortgage term approaches its end, it’s a good idea to assess your options and consider refinancing to secure more favorable terms or explore other financing options available in the market.

By being proactive and considering these foreseeable events, homeowners can make informed decisions about refinancing their mortgage to better align with their future plans and goals