Is Your Mortgage Still a Good Deal? There’s Now an Easy Way to Track It

Most homeowners know the interest rate on their mortgage.

But here’s a better question:

Do you know if your mortgage is still working for you?

A lot can change between the day you get your mortgage and the day it comes up for renewal. Interest rates move. Your income can change. Your home may increase in value. Your debt might look different. And the financial goals you had two or three years ago may not be the same goals you have today.

Yet many homeowners simply put their mortgage on autopilot until the renewal letter arrives.

I think we can do better than that.

NEW: Track Your Mortgage

I now have a new tool that allows you to track your mortgage and see whether your current strategy is still making sense.

Track Your Mortgage Here:https://grademymortgage.ca/emilymiszk/tools/track-my-mortgage

Think about these questions:

Am I still getting a good deal?

Is the mortgage strategy I originally chose still working according to plan?

Could I be paying my mortgage down faster?

Has my financial situation changed enough that I should consider a different strategy?

Should I be doing something now instead of waiting until renewal?

Your mortgage is likely one of your largest financial commitments. It deserves a check-in more often than once every three or five years.

The Bank of Canada Just Held Rates — So What Does That Mean?

The Bank of Canada held its policy rate at 2.25% at its September 2 meeting.

For homeowners with variable-rate mortgages or lines of credit tied to prime, there is no change as a result of today's announcement.

For homeowners with fixed-rate mortgages, remember that fixed rates are influenced by the bond market rather than moving directly with Bank of Canada decisions. That means fixed mortgage rates can still move between Bank of Canada announcements.

And this is where I think homeowners sometimes get too focused on one question:

“When are rates going to go down?”

I would rather ask: “What can we control with the mortgage we have today?”

Because the lowest rate isn't always the entire story.

Your prepayment options, amortization, cash flow, equity, debt, future plans and how long you expect to own the property can all be part of determining whether your mortgage is actually working for you.

Don't Wait Until Renewal to Look at Your Mortgage

There are times when doing absolutely nothing is the right strategy.

There are also times when reviewing your mortgage early can uncover an opportunity.

Maybe your mortgage is exactly where it should be. Great.

Maybe there is an opportunity to restructure debt, improve cash flow, access equity for another goal, change your payment strategy or prepare for an upcoming renewal.

The point isn't to constantly change your mortgage.

The point is to know whether you should.

That's why I'm excited about the new mortgage tracking tool. It gives homeowners an easy way to stay connected to one of the biggest pieces of their financial picture instead of waiting for a renewal notice to start paying attention.

Try it here and see how your mortgage is tracking:https://grademymortgage.ca/emilymiszk/tools/track-my-mortgage

And if something comes up that you want to talk through, reach out. Sometimes the best mortgage strategy is to make a change — and sometimes it's knowing you're already in the right place.

The next scheduled Bank of Canada announcement is October 28, 2026. Between now and then, rates and markets may move, but your mortgage strategy doesn't have to depend entirely on predicting what the Bank of Canada will do next.