Don't just sign the renewal letter. Review the whole mortgage.
Your renewal date is a decision point: rate, term, payment, amortization, lender features, home equity and higher-interest debts can all be reviewed before you commit to the next mortgage term.
Start the conversation early — ideally up to 120 days before maturity, depending on lender and product availability.
*Rates and discounts are not guaranteed, may apply to different products, and may change without notice. O.A.C. Lender, insurer, property, loan-to-value, term and transaction conditions apply. Prime-based variable rates move when the lender's prime rate changes.
Your 120-day renewal game plan
A renewal should be treated like a financial review, not an automatic signature. Starting early gives you time to compare, organize documents and decide whether your present mortgage still fits your next few years.
Balance, rate, renewal date, debts, income, credit and goals.
Ask what your current lender will offer and compare eligible alternatives.
Renew, straight-switch, refinance, consolidate debt, or restructure cash flow.
Finalize approval, documents, payout/transfer steps and closing requirements.
At renewal, you usually have more than one path.
The lowest headline rate is only one part of the decision. The right structure depends on what you want your mortgage to accomplish next.
Negotiate rate and term with your existing lender. Review payment frequency, prepayment privileges, portability and other features before accepting.
Move the mortgage to another lender when the product, rate or features better match your needs. Eligible uninsured straight switches may receive more flexible qualifying treatment under current OSFI rules.
Change the mortgage amount or structure to access equity, consolidate debt, renovate, improve cash flow or reorganize borrowing. Qualification and costs apply.
Before you sign, compare the mortgage on the things that will affect you after closing, not just on today's rate.
- ✓Interest rate and how it can change
- ✓Fixed vs. variable structure
- ✓Prepayment privileges
- ✓Penalty calculation
- ✓Portability
- ✓Payment increase options
- ✓Remaining amortization
- ✓Debt-consolidation opportunity
- ✓Home-equity access
- ✓Plans to move, renovate or retire
Shrink the debt. Reduce the payment. Restore the cash flow.
If high-interest credit cards, unsecured lines of credit or other debts are putting pressure on monthly cash flow, renewal may be the right time to compare the cost of leaving those debts separate versus restructuring them with available home equity.
Important: a lower monthly payment does not automatically mean a lower total cost. Extending debt over a longer amortization can increase total interest paid.
We'll look at the mortgage and the household cash-flow picture together before discussing a strategy.
A renewal payment snapshot
Use this quick illustration to compare approximate monthly principal-and-interest payments. It is not a lender quote, approval or amortization schedule.
- Mortgage balance
- $400,000
- Remaining amortization
- 20 years
- Current / comparison rate
- 5.49%
- Illustrative new rate
- 3.75%
Illustrative calculation uses a simple monthly-rate amortization model and may differ from lender calculations, compounding conventions, insurance premiums, fees and actual payment schedules.
Let's review the renewal offer before you commit.
We can compare renewal, switching, refinancing and debt-consolidation options that fit your situation.
MortgageVilla.ca is a marketing website. Mortgage brokerage services are provided through Mortgage Intelligence Inc. Rates shown are for informational/marketing purposes and are subject to change without notice. O.A.C. and lender/insurer eligibility requirements apply. Variable rates change with lender prime. The 5-year insured variable rate shown is intended for eligible insured mortgages and may not apply to refinances, conventional/uninsured mortgages, rental properties, switches with changes, or all borrower profiles. Confirm current pricing and conditions before relying on any rate.
The Bank of Canada reported a 4.45% prime-rate reference for major chartered banks for the week ending September 16, 2026. The Financial Consumer Agency of Canada recommends shopping around a few months before the end of a mortgage term. OSFI states that its prescribed Minimum Qualifying Rate is not expected to apply to eligible uninsured straight switches between federally regulated lenders when neither the loan amount nor remaining contractual amortization increases; lender underwriting still applies.
Sources: Bank of Canada, FCAC — Renewing your mortgage, OSFI — Minimum Qualifying Rate backgrounder and FSRA — Advertising requirements.
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