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Is It Time to Refinance Your Barrie, Ontario Mortgage? 7 Key Factors to Consider for Smart Savings
June 21, 2025 | Posted by: Kenlock Mortgage Group
From Allandale’s family-friendly streets to lakeside living in Keswick, Central Ontario homeowners are wondering the same thing: “Should I refinance my mortgage now?” The right move can trim hundreds off your payment or free up equity for renovations—but timing and local market quirks matter. Below are seven essentials to weigh before you pull the trigger.
As financial landscapes shift and interest rates fluctuate, homeowners often find themselves pondering the big question: Is it time to refinance your mortgage? Refinancing can unlock a host of benefits, from reducing monthly payments to accessing your home’s equity for crucial expenses. However, it's not a one-size-fits-all solution. Timing, market conditions, and personal circumstances all play pivotal roles in this decision. In this article, we’ll explore seven key factors to consider before making the leap. Each factor will empower you to make an informed choice, helping you maximize savings and align your mortgage with your long-term financial goals. Whether you’re a seasoned homeowner or a first-time refi seeker, understanding these elements will pave the way for smart savings and a brighter financial future. Let’s dive into the critical considerations that can turn refinancing into a savvy financial strategy!
1. Track Local Interest-Rate Trends—Not Just National Headlines
Rates react quickly to Bank of Canada moves, yet Simcoe County lenders often sharpen their offers ahead of GTA firms. A quick call to our team can reveal rate discounts exclusive to Barrie mortgage clients or specials tailored for Newmarket borrowers. Grabbing a .25 % dip today could outweigh “waiting for maybe-better” rates tomorrow.
2. Calculate Your Home-Equity Surge
Detached prices in Orillia’s North Ward and Innisfil’s Alcona corridor jumped double-digits over the past 24 months. More equity means a lower loan-to-value ratio, opening doors to premium pricing or a cash-out refinance for that basement suite or Lake Simcoe dock upgrade.
3. Polish Your Credit Score Before You Apply
A 20-point score bump can swing your rate by 0.10 %. If you’ve paid down high-interest cards or boosted income since your original mortgage, refinance quotes will look far sweeter.
4. Weigh Closing Costs Against Your Break-Even Date
Legal fees, appraisal and discharge penalties usually sit between 2–3 % of the new loan amount. Divide total fees by your expected monthly savings to find your break-even point, often 18-24 months for our Innisfil clients.
5. Match the New Term to Your Lifestyle Plans
Switching from a 25-year amortization to 15 years can wipe out interest, great if you plan to stay in your Keswick bungalow long-term. Expecting a job transfer down Highway 400 in three years? A shorter fixed term or variable product may be smarter.
6. Factor in How Long You’ll Keep the Property
If you’ll sell before hitting your break-even, refinancing rarely makes sense. But homeowners remodelling a forever-home near Orillia’s Waterfront Centre see years of upside.
7. Understand the Tax Angle
Using equity to finance a rental basement in Barrie? Mortgage interest could be partially deductible. Chat with a tax pro before finalizing.
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Top Refinance Questions From Your Neighbours
- “What refinance rate can I expect in Barrie right now?”
Rates shift weekly; we’ll quote today’s best fixed and variable offers before you lock in. - “Can I roll my boat loan into a new mortgage on my Keswick waterfront home?”
Yes—cash-out refinancing lets you consolidate high-interest debt into one lower payment. - “Will refinancing reset my amortization?”
Only if you choose. Many Newmarket clients keep their original end date to stay mortgage-free sooner. - “How long does the process take in Orillia?”
Most files fund in 2–3 weeks once we receive your documents and appraisal. - “Is there a penalty to break my existing five-year fixed in Innisfil?”
Possibly. We calculate penalties and show whether savings exceed the cost before you commit.
Have a different question? Ask our team—responses are quick, friendly and obligation-free.