Renewal Strategy
Renewals
Compare your lender’s renewal offer with other options before you sign.
Who it helps
Homeowners approaching their mortgage renewal date.
Give your next mortgage term a fresh look
Renewal is a chance to compare the offer in front of you with the way you want to live over the next few years. A move, changing income or a renovation may affect which features matter most.
Compare more than the rate
Look at payments, prepayment privileges, term length and the cost of changing course. If switching lenders is an option, include transfer, discharge, appraisal and legal costs in the comparison. Ask which costs, if any, a new lender would cover.
Prepare for a renewal conversation
- Your maturity date and the renewal offer, if it has arrived.
- A recent mortgage statement showing the balance and payment.
- Plans that could change your borrowing needs, including a move or larger expense.
Start the conversation a few months before your term ends where possible. If the deadline is close, tell us the date first. Ask for a renewal review and arrange a secure way to share your statement.
Want to increase borrowing as well? Read about refinancing. For independent information, see FCAC’s renewal guide.
How we help
A plan built around your goals
Understand the offer
Review the rate, payment and features together, with time to ask questions.
Account for switching costs
Compare the full cost of staying or moving to another lender.
Choose for your plans
Bring upcoming life changes into the term and payment discussion.
Process
Your next steps
1
Share your renewal date
Have your latest statement and any offer ready for a secure review.
2
Review offers and costs
Compare terms and ask what approval or paperwork a switch would require.
3
Confirm your decision
Understand the deadlines and required documents before accepting an offer.
Relevant team members
Talk with the team
Mortgage Agent Level 2
Team Lead
Rasha Ingratta
Rasha supports mortgage planning and financing decisions as part of the ShopMortgages.ca team.
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Mortgage Agent Level 2
Mortgage Underwriter
Vanessa Field
Vanessa supports buyers and homeowners with mortgage preparation, planning and clear next steps.
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What else to consider
- Early renewal timing
- Blend-and-extend questions
- Switching lenders
FAQ
Common questions
Do I have to renew with my current lender?
You can compare other lenders. A new lender must approve the application, and switching may involve costs. Compare the overall terms before deciding.
Is increasing my mortgage the same as renewing?
No. Asking for additional borrowing changes the conversation. Tell the team what you need the money for and ask what approval requirements and costs would apply.
What if my renewal date is very close?
Contact the team with the exact date and your lender’s offer. Check whether your contract includes automatic renewal and ask your current lender about the deadline for your instructions.
Start the conversation
Tell us about your mortgage goals
Tell us your question and how to reach you. Please leave account numbers and sensitive documents out of this form.