As the year comes to a close, it’s the perfect time to review your mortgage and explore ways to save money before 2026. Whether you’re looking to secure the best mortgage rates, refinance your loan, or simply optimize your payments, these tips will help you make the most of your mortgage strategy.

1. Review Your Current Mortgage Rate

With interest rates for Canada fluctuating, it’s essential to review your current mortgage rate. If rates have dropped since you secured your loan, consider refinancing the mortgage to lock in a lower rate. Use online mortgage calculators to compare your current payments with potential savings.

2. Refinance to Save Money

Refinancing can help you secure the lowest mortgage rates and reduce your monthly payments. Explore options like refinancing of mortgage or refinance on mortgage to see if you qualify for better terms. This is especially beneficial if you’re nearing the end of a fixed-rate term.

3. Get Pre-Approved for a Mortgage

If you’re planning to buy a home in the near future, getting pre-approved for a mortgage can give you a competitive edge. Pre-approval locks in Canada mortgage lending rates for a specific period, protecting you from rate increases. Work with pre-approved mortgage lenders to find the best mortgage loan rates.

4. Compare Mortgage Rates

Take advantage of year-end promotions and compare mortgage rates in Canada to find the best mortgage rates. Look for options like the best Canadian 5-year mortgage rates or best mortgage rates Canada 5-year fixed to secure long-term savings.

5. Make a Lump-Sum Payment

Many lenders allow you to make a lump-sum payment toward your principal once a year. This reduces your overall interest and shortens your amortization period. Check your mortgage agreement for details.

6. Switch to Biweekly Payments

Switching from monthly to biweekly payments can help you pay off your mortgage faster and save on interest. Use a mortgage calculator to see how this strategy impacts your repayment timeline.

7. Renew Your Mortgage Early

If your mortgage term is ending soon, consider renewing early to lock in the best mortgage rates before they rise. Contact your lender or a mortgage broker to explore your options.

8. Improve Your Credit Score

A higher credit score can help you qualify for the lowest mortgage rates. Pay down debts, avoid new credit applications, and check your credit report for errors before applying for a mortgage or refinancing.

9. Work with a Mortgage Broker

A mortgage broker can help you navigate the complexities of refinancing, pre-approval, and finding the best mortgage rates. They have access to a wide range of lenders and can negotiate terms on your behalf.

10. Plan for 2026

Start planning now to achieve your financial goals by 2026. Whether it’s paying off your mortgage faster, securing a lower rate, or purchasing a new home, these tips will set you up for success.

Conclusion
The end of the year is an excellent time to evaluate your mortgage and take steps to save money before 2026. By refinancing, comparing mortgage rates in Canada, and working with pre-approved mortgage lenders, you can optimize your mortgage strategy and achieve your financial goals.