Don’t Refinance Yet! Mortgage Tips Before the Canadian Election

🧠 Should You Refinance Now? Dion Beg’s Mortgage Advice Ahead of the Canadian Election

As the 2025 Canadian federal election approaches, many homeowners are sitting on a major decision: should I refinance my mortgage now or wait? With interest rates in flux and political uncertainty in the air, it’s easy to feel stuck.

That’s why mortgage expert Dion Beg joined the conversation—to bring clarity to the confusion and help Canadians avoid costly mistakes. His message? It’s not “don’t refinance”—it’s “ask the right questions.”

🔍 It’s Not About Timing—It’s About Thinking

In today’s financial climate, too many homeowners are guided by emotion rather than logic. Some are paralyzed by fear of rising rates; others are eager to jump into what sounds like a deal. Dion’s advice breaks through the noise:

“If your mortgage rate is 5.6% or higher, you should absolutely explore your refinancing options—but don’t rush in blind.”

Refinancing isn’t a one-size-fits-all solution. What matters most is understanding your current financial position, your long-term plans, and the products available to you.

✅ The Right Questions to Ask Before You Refinance

Dion encourages Canadians to pause and evaluate. Here are the questions he believes every homeowner should ask:

1. What’s your current mortgage rate?

   
   

   • If it’s 5.6% or higher, you could potentially save thousands—even after accounting for fees or penalties.

   
   

2. How long do you plan to stay in your home?

   
   

   • Your timeline matters. A lower rate isn’t helpful if you’re breaking the mortgage in two years.

   
   

3. What are the penalties for breaking your current mortgage?

   
   

   • Understand the cost of getting out before comparing it to what you’d save.

   
   

4. What kind of product are you moving into?

   
   

   • Fixed? Variable? Hybrid? Each has its pros and cons, especially in an election year.

   
   

5. Have you talked to a mortgage broker—not just your bank?

   
   

   • Banks offer limited products. Brokers like Dion shop across lenders for the best options.

   
   

📊 Why 5.6% Is the Magic Number

During the conversation, Dion makes one point crystal clear: if your current mortgage rate is 5.6% or above, you’re likely overpaying.

That threshold is where refinancing starts to make more sense—even if you have to pay a penalty.

“At 5.6% or higher, we’re consistently finding clients who can save tens of thousands of dollars by switching into a better product,” Dion explains.

This isn’t guesswork—it’s a strategy based on math, not hype.

🗳️ What About the Election?

Yes, the upcoming federal election could influence interest rates and housing policies. But Dion advises against waiting around for political outcomes.

“You can’t plan your mortgage around election platforms,” he says. “What you can do is make smart, informed choices based on your current numbers and future goals.”

💡 Final Advice

Dion’s message is both empowering and practical:

📌 Don’t refinance blindly—but don’t stay locked into a bad rate out of fear.

📌 Run the numbers. Ask questions. Talk to a broker who’s got your back.

📌 And if you’re above 5.6%, now’s the time to act—not react.