MORTGAGE RENEWAL
Mortgage renewal time is a fantastic once in a long time opportunity to reduce what is likely the largest expense in your monthly budget. Getting a better deal on your mortgage is easy and well worth the effort.
How to Save Money at Mortgage Renewal Time
When your mortgage term is up and it’s time to renew, your lender will send you a renewal notice at a rate that is higher than their current market rates, this is standard business practice and takes advantage of customer loyalty to make extra profits. The Lenders make it very easy to ‘sign & return’ the renewal notice resulting in you paying a higher interest rate than you need to. Prudent shoppers investigate the market and are open to switching Lenders at mortgage renewal time to get the best rates and terms currently available.
How To Get the most out of your Mortgage Renewal
Your needs may have changed. Perhaps this is the right time to tap some of your home equity for a renovation project? Or maybe you’re considering a cottage or vacation property, or maybe want to use some of your equity for other long-term investments. You should also take a look at your other debts; many Canadian homeowners have taken advantage of historically low rates and rolled all their other higher-interest debts into their mortgage at renewal.
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Our Mortgage Underwriting Team

We use Mortgage Origination Software to share your application with multiple Lenders saving you time and getting you the best deal possible.
TIPS AND ADVICE ON HOW TO RENEW YOUR MORTGAGE
1 – Start your Mortgage Renewal Process Early
About 4 months before your renewal date review your current mortgage agreement and start researching your options online.
2 – Make A list Of Your Mortgage Renewal Needs
Make a list of what you’re looking for in a mortgage product.
- Monthly & Lump Sum Prepayment Options:
Monthly Prepayment Options:
Lenders can allow you to increase your monthly payment by up to 20% which is useful if your monthly budget has room for increased payments.
Lump Sum Prepayment Options:
Lenders can allow you to pay up to 20% of the principal once a year, which is great if you receive bonuses or expecting an inheritance.
Prepayments reduce the total interest paid and will pay off the mortgage faster.
- Prepayment Penalties:
- Fixed Mortgages vs. Variable Rate Mortgages:
- Portability & Assumability
3 – Fill in a Free Mortgage Application
To switch to another Lender you need to fill in an application, luckily by using a Broker you only need to do this once. Most Brokers use Mortgage Origination Software that allows them to share your application with multiple Lenders. The benefit is that you can fill in one application and the Broker can then share that application with the appropriate Lenders saving you time and getting you the best deal possible.
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Questions and Answers:
How Long Does It Take To renew My Mortgage
How Do I Get a Rate Hold at Mortgage Renewal
Most lenders will hold your rate for up to 120 days and if rates go down you can still negotiate with them to get a lower rate.
What Does It Cost To Switch My Mortgage At Renewal