Chat on WhatsApp
Rateplicity Canada
Submit Referral
Apply Online Here

Is It Time to Refinance? 3 Signs You Shouldn’t Ignore

Refinancing isn’t just about chasing a lower interest rate. It’s a strategic move – and for some homeowners, waiting too long can mean leaving money on the table or missing key financial windows. Here are three real reasons it might be time to take a serious look at a refi.

  1. Your Credit Score Has Improved Since You Bought Your Home
    Mortgage rates are tiered by credit score ranges. If you bought your home with a 660 score and now you’re at 720+, you may qualify for significantly better terms—even if average market rates haven’t dropped much.
    Why it matters: A 0.5% reduction in rate on a $350,000 loan could save you over $100/month—and potentially tens of thousands over the life of the loan.
  1. You Have Home Equity You’re Not Using
    Thanks to recent home appreciation, you might be sitting on untapped cash. A refinance lets you convert a portion of that equity into liquid funds—often at a much lower rate than credit cards or personal loans.
    Common uses: Home renovations, consolidating high-interest debt, funding a business, or creating a financial cushion.
  1. You’re in an FHA Loan and Want to Drop PMI
    FHA loans come with permanent mortgage insurance unless you refinance into a conventional loan. If your home has gained value or your credit has improved, you might be eligible to refinance into a conventional loan with no PMI.
    Savings example: Removing a $200 monthly mortgage insurance payment is equivalent to lowering your rate by nearly a full percent.

Bonus Consideration: Life Has Changed
If you’ve had a job change, started a family, paid down debt, or simply want to switch from a 30-year to a 15-year term (or vice versa), refinancing can realign your mortgage with your actual goals.

Bottom line:
The right refinance can help you build equity faster, reduce total interest, or simply free up cash. The wrong one—or waiting too long—can cost you.

Want to run the numbers or explore options with no pressure? Reach out. I’ll help you see if it makes sense based on your unique situation.