Why an annual mortgage review Is more important than ever

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Annual mortgage review Is more important

Every year, I remind my clients—and anyone with a mortgage—of the importance of an annual mortgage review. And every year, I often hear the same question: “Why would I need to review something that’s already in place?”

It's a fair question, but here’s the truth—your mortgage is likely the largest financial commitment you’ll ever make and ignoring it can cost you more than you think.

Compare it to something we all understand—vehicle maintenance. You wouldn’t drive your car for five years without changing the oil, checking the tires or making sure everything’s running smoothly. It’s the same with your mortgage. Without routine check-ups, you risk letting small inefficiencies build into costly problems—or missing out on opportunities to improve your financial performance.

Unfortunately, most Canadians don’t think about their mortgage until the renewal notice shows up—or they suddenly need to borrow more money. At that point, it’s often too late to explore all the best options. An annual review, on the other hand, gives you the chance to stay proactive, make adjustments, and ensure your mortgage is aligned with your current goals.

The truth is, life changes—families grow, careers shift, retirement timelines evolve. And while your life evolves, the mortgage market does too. Interest rates rise or fall, new products are introduced, and better strategies emerge. The mortgage you signed up for even just a few years ago may no longer be the best fit for your situation today.

A mortgage review is not something you can expect from most banks or even financial advisors. Unless you initiate a change or they’re trying to secure your early renewal, your lender likely isn’t revisiting your mortgage details or considering if your product is still the right one for you.

That’s where an annual mortgage review comes in. It’s a smart, strategic way to assess whether your current mortgage is helping or hindering your long-term financial goals.

Whether you're looking to pay off your mortgage sooner, minimize your interest costs, improve monthly cash flow, access equity for investments, renovations, or debt consolidation or prepare for retirement with a sound financial plan, an annual review gives you a chance to adjust your strategy accordingly.

With interest rates having risen significantly over the past five years, there’s even more urgency. If you’re facing renewal soon, you’re probably already feeling the pressure. Do you have a plan in place to manage increased payments? Have you considered restructuring to protect your cash flow?

A well-timed review can reveal ways to increase your financial stability and even grow your net worth. And just like scheduling an oil change, it’s a small effort now that can prevent major issues—or missed opportunities—down the road.

So, once again this year, I encourage you not to wait. Don’t let your mortgage sit untouched. Make sure it’s working for you, not against you.

You can book a review here or email [email protected]. Your mortgage deserves a tune-up too.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.