The ***k is Bleeding You Dry.
Every day you wait is another day your home equity is used to fund the bank's record profits instead of your family's future.
The "Debt Death Spiral"
Are you carrying credit card balances at 19.9%? Are you paying car loans at 8%? If you have equity in your home, you are voluntarily setting your money on fire. A strategic refinance consolidates this toxic debt into a single, low-interest payment. Refusing to refinance because you want to "keep your current rate" is a mathematical fallacy that costs Alberta homeowners an average of $1,200 per month in unnecessary interest.
The "Loyalty Tax" is Real
Banks banking on your apathy. They send "early renewal" offers that are designed to look convenient but are actually marked up by 0.50% or more. Over a 5-year term, that laziness is a $15,000 tax you pay to a billion-dollar institution. We break the contract, pay the penalty, and still come out tens of thousands of dollars ahead.
The 80% Rule: Use it or Lose it
Refinancing allows you to unlock up to 80% of your home's value. This isn't "debt"—it's liquidity. Use it to buy an income property, fund a 30-year amortization reset to slash your monthly payments, or invest in stocks while the bank's rates are still lower than market returns. The window for these "wholesale" rates is narrow.
The Cons of Hesitation
If you wait until your renewal, you are a "captured" customer. If you act now, you are a market predator. Yes, you will face an appraisal fee. Yes, you will pay a discharge fee. But those are pennies compared to the wealth erosion occurring every single month you stay in an optimized mortgage.