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For the past three years, while Canadians have faced higher mortgage rates, refinancing just didn’t make sense.

   

Taking an already low-interest mortgage and refinancing it into a higher rate, just to pay off some other debts? That’s the financial equivalent of a self-inflicted gunshot wound.


But refinancing to pay off high-interest consumer debt, lower your overall interest rate, and reduce your monthly payments? Now that’s what we call financial bliss.

   
   

At Better Mortgage Select, we’ve seen firsthand how credit card and line of credit balances have grown. The average first-time buyer application we see today has 61% more consumer debt than it did just a decade ago. And it’s not just younger buyers - families across the country are feeling the strain of rising costs for food, gas, and other essentials.


It’s no surprise that many Canadians have turned to credit cards or lines of credit to bridge the gap. And that’s okay. We all do what we have to do to get through challenging times.

   
   

If you're a homeowner, your home’s equity can be a powerful tool. 

But knowing when to use it comes down to one thing: the math.


There’s no guesswork here. No need to rely on anyone’s “gut feeling.” The numbers will tell us whether refinancing makes financial sense for you - and it only takes minutes.


You might be a great candidate for refinancing if:

  • Your mortgage balance is less than 75% of your home’s value
  • Your current mortgage rate is over 5%
  • Your credit card and line of credit debt totals more than $30,000
  • Your credit score is over 680


If you meet all four of the criteria above, you’re just five minutes away from a clear answer. Our customized refinance tool lets us plug in your numbers and instantly see whether refinancing could save you money.

   
   

That’s what Mrs. Chapman, a client of ours for over 13 years, told us just last week when her refinance was complete.


She’d always been financially prudent. But after the pandemic and a change in her employment, the cost of everyday life began to climb. She started accumulating debt at a rate of around $700/month (roughly $8,500/year). It wasn’t catastrophic, but over time, it started to add up.


We spoke with her in 2023, but at the time, mortgage rates were at their peak. Refinancing then would’ve been a financial misstep.


But fast forward to just a few weeks ago - she reached out again, frustrated with mounting credit card payments and wondering if today’s rates made a difference. We ran the numbers, and here’s what the data revealed:

   
   
   
   
   
   
   

✅ $7,169 in true savings over the next 16 months (even after paying the penalty to break her mortgage)

✅ Lowered overall payments by $972.36/month
✅ No more high-interest debt
✅ New mortgage paid off at the same time as the original
✅ Locked-in low interest rate until 2030


For Mrs. Chapman, it was a no-brainer. And it might be for you too.


But don’t take our word for it - let the math speak for itself.


Want to know if it makes sense?

   
   

If you’re wondering whether this strategy makes sense for you, we can run the numbers quickly - no application, no documents, and no obligation. 


📩 Simply reply to this email or contact us, and we’ll be happy to determine if you’re in a position to benefit from today’s lower rates.


Don’t wait until rates shift again - let’s explore your options today!

   
     
   

Just a friendly reminder to come visit us on our socials, where we put out a ton of videos with tips and information to help you navigate the wild world of mortgages! Check out the links below and give us a follow!

   
   
   
     
   

As always, if you have any questions or want to do some mortgage planning, feel free to reach out to us at: