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Considering a mortgage refinance is often driven by various compelling reasons. Refinancing involves the renegotiation of your existing mortgage loan to replace it with a new one that better aligns with your needs, whether it's to access more home equity or secure improved mortgage options. This process can occur at any point during your mortgage term or at the time of renewal, although there may be applicable fees or penalties. If you opt to change lenders, you would settle your current mortgage contract to establish a new one with a different lender. It's important to note that refinancing may not always be the optimal choice. Whether you decide to wait until your renewal period or need to refinance or switch lenders mid-term, there are likely associated fees and charges, such as setup fees, legal fees, or pre-payment penalties. However, there are situations where refinancing makes sound financial sense. Our True North Mortgage brokers can assess your specific circumstances, swiftly evaluate the pros and cons, and outline potential benefits to help you determine if a refinance aligns with your financial goals. To ensure you don't miss your renewal time, take advantage of our convenient reminder tool.