Mortgage Renewal
While most Canadians spend a lot of time, and expend a lot of effort, in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals.
Mortgage Renewal in Canada: Don’t Sign Until You Review Your Options
When your mortgage term ends, your lender will send a renewal offer — but that doesn’t mean it’s your best option.
A mortgage renewal is your opportunity to reassess your rate, terms, and flexibility before committing to another term.
Why Mortgage Renewals Matter More Than Most People Think
Many homeowners simply renew with their current lender because it feels easier.
However, renewal is often the only time you can switch lenders without penalties and make changes that can save money and reduce long-term risk.
Before You Renew, We Help You:
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Compare current lender offers
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Review interest rates and restrictions
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Understand penalties and prepayment clauses
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Adjust amortization or payment structure
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Align your mortgage with upcoming life changes
Our role is to ensure your renewal works for you, not just the lender.
When Should You Start Reviewing Your Renewal?
Ideally, 120 days before your renewal date.
This gives you time to:
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Secure competitive options
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Lock in rates if appropriate
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Avoid rushed decisions
Review Your Mortgage Renewal Before You Sign
Renewing without advice can cost thousands over time.