Is Now a Good Time to Renew or Refinance Your Mortgage in Manitoba?

With interest rates shifting and living costs still high, many Manitoba homeowners are asking the same question: Is now the right time to renew or refinance my mortgage? The answer depends on your situation—but reviewing your options early can save you thousands over the life of your loan.

If your mortgage is coming up for renewal in the next 6–12 months, this is a great time to compare offers. Most lenders will send you an automatic renewal, but that’s rarely your only choice. By shopping around, you may find a lower rate, better terms, or more flexibility for lump-sum payments and prepayments.

Refinancing can also make sense if you’re carrying higher-interest debt, need funds for renovations, or want to consolidate multiple payments into one. In many cases, using home equity to replace expensive credit card or unsecured debt can reduce your monthly costs and help you get ahead faster.

At Preferred Mortgage Solutions Inc., we work with over 30 lenders, not just one bank or credit union. That means we can compare options on your behalf and help you understand the pros and cons of renewing as-is, switching lenders, or refinancing.

If you’re unsure what makes sense in today’s market, you don’t have to figure it out alone. A short conversation can clarify your options and give you real numbers to work with—before you sign anything.

Thinking about renewing or refinancing? Reach out today to review your mortgage strategy and see what’s possible for your home and budget.