Refinancing your mortgage will depend on the mortgage you currently have registered against your property. Some mortgages do not allow you to break midterm unless you have sold your property. Variable rate mortgages are flexible and typically only have a 3-month interest penalty, while fixed rate terms will have the greater of 3 months interest or IRD (Interest Rate Differential) penalties and each lender will have various ways of calculating those IRD penalties. If the penalties are too high waiting until maturity may be the better option.