Mortgage Renewal
When your term ends, your lender sends a renewal offer — and many homeowners sign it without looking further. A renewal is your opportunity to review your options before you commit for another term.
Your renewal is a decision, not paperwork.
Review before you renew
The offer in your renewal letter is a starting point, not necessarily your only option.
Reassess your situation
Your life may have changed since your last term. Your mortgage structure should reflect that.
Compare your options
A licensed mortgage professional may have access to products from multiple lending sources.
Start early
Reviewing your options a few months before renewal gives you time to decide without pressure.
Frequently asked questions
Do I have to accept my lender's renewal offer?
No. At renewal you're free to review other options, and switching lenders at the end of your term generally avoids a prepayment penalty, though a new lender will re-qualify you.
How early should I start my renewal review?
About four to six months before your maturity date. That gives you time to compare and, if you decide to move, to complete an application without rushing.
Can I change my mortgage at renewal?
Yes. Renewal is a natural point to change your term length, payment frequency, amortization, or move between fixed and variable — subject to qualification with the new lender.
Related pages and tools
Compare your offered rate with another.
What to check before you sign.
When restructuring beats a simple renewal.
What a rate difference is worth in dollars.
Renewing a Toronto mortgage.
Request a renewal review.
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