Canadians who face renewing their mortgages now may be kicking themselves for not renegotiating their mortgage before rates began to climb. Financial experts say rates should be lower by next year so choosing a short term may be the answer now.

"Mortgage rates will ease once evidence of slower economic growth, softening in the labour market and consumer spending, and weaker price increases in Canada and the U.S. solidifies over the coming months," according to Ali Manouchehri, senior economist at Canada Mortgage and Housing Corporation's Market Analysis Centre.

But the real question may be, "Why haven't you renegotiated your mortgage yet?"

You do not have to wait until the maturity or due date of your mortgage to renew. Yes, there may be a penalty to pay, but taking advantage of a good rate may still give you a financial advantage. Next time rates move down, seize the day! Get the facts and do the calculations so you can decide whether renegotiating at that time will save you money. If it will, then act. If not, you have the satisfaction of knowing that you made an informed decision — and you'll be ready if rates go down again.

What should you do to decide? Each mortgage contract is different and the differences are important. Always get everything in writing — including printouts of calculations and projections. Verify that renegotiation is possible under the terms of your mortgage and then gather the facts you'll need for your decision:

Published: October 10, 2000

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Futurist and Strategist PJ Wade is "The Catalyst" - intent on "Challenging The Best to Become Even Better." PJ earned this title by translating the dynamic impact of Boomers and their multi-generation families into relevant insights that start people thinking and taking action—in business and in life. Author of 8 books and more than 1800 published articles, PJ encourages individuals to become their own futurist. PJ writes and speaks about the insight, knowledge and solid decision-making skills that professionals and their clients need to live and work in this vortex of change. For instance, since PJ knows that home is headquarters for the new decades-long "unretirement," she wrote the popular book "Reverse Mortgages: Best Friend, Worst Enemy...Your Choice!", which is filled with suggestions and cautions on protecting, building and managing home equity. Her new business book, "What's Your Point?: Cut The Crap, Hit The Mark & Stick!" will be published in 2012. As The Catalyst, PJ provides strategic communication, client appreciation and advanced education services to the financial, tourism, lifestyle and service sectors - and the clients they serve. A frequently-quoted financial and business commentator, PJ is a thought-provoking strategic speaker who offers practical, real-life suggestions on leaving "the box" behind and embracing Forward Thinking - a talent she regularly demonstrates in this column. For more on keynotes, blogs, books and information on a range of 21st-Century topics, visit TheCatalyst.com.