For any borrowers feeling a bit tight on cash and living month to month on their current bills, it may make sense to refinance your home to consolidate accumulated debt, or to stretch the mortgage back to 25 or 30 years to lower the monthly payment. If current interest rates are lower than your interest rate, this is a great opportunity for interest savings.
Full feature mortgages will have prepayment allowances should you wish to make extra payments on your new mortgage in the future, these mortgages will also allow you to increase your mortgage payment back up throughout the term once you feel ready.