In addition to lower interest rates, a mortgage switch can change how you repay your mortgage. For example, you can change your prepayment options and payment frequency schedules. These are important, because they’ll allow you to pay back your loan sooner. Over time, this means you’ll pay even less with these already-reduced interest rates. If you know you’ll be selling your home soon, mortgage renewals are perfect for acquiring a portable or assumable mortgage, to lock in your terms on a new property and reduce closing costs. Renewals are also the time to consider whether or not you want to budget for big life changes, like a renovation or large purchase. The type of mortgage you have can give you an edge in these cases, with regards to your cash flow. If you are hoping to leverage your home’s value for cash flow, there are other options for doing this. For example, there are home equity lines of credit or refinancing options. These are not dependent on your renewal dates. Contact a mortgage broker to find out more. Please see more on our website.