Navigating Your Mortgage Renewal: A Guide to Securing the Best Terms

Is Your Mortgage Due on a Renewal?

As the end of your mortgage term approaches, it’s crucial to prepare for the renewal process. Whether you’re a first-time home-buyer or a seasoned homeowner, understanding how to navigate your mortgage renewal can save you money and ensure that your mortgage terms align with your financial goals.

When a mortgage is up for renewal, it doesn’t mean that the entire balance of the mortgage is due. Instead, mortgage renewal refers to the end of the current term of the mortgage. At the end of the term, you have the option to renew your mortgage with your existing lender or switch to a new lender if you prefer.

During the renewal process, you renegotiate the terms of your mortgage, such as the interest rate, the term length, and any other conditions. If you choose to renew with your current lender, the remaining balance of the mortgage continues, and you start a new term with the updated terms.

If you decide to switch lenders, your new lender pays off the remaining balance of your mortgage with your previous lender, and you start a new mortgage with the new terms and conditions agreed upon.

In either case, you continue to make regular mortgage payments according to the new terms until the next renewal period or until the mortgage is paid off. So, the entire balance of the mortgage isn’t due at the time of renewal; instead, it’s a renegotiation of the terms for the remaining balance.

Your mortgage renewal is an opportunity to reassess your financial situation and secure favorable terms that align with your long-term goals. By understanding the renewal process, exploring your options, and seeking professional advice when needed, you can confidently navigate your mortgage renewal and achieve greater financial stability.

Call to Action: Ready to explore your mortgage renewal options? Contact me today to take the next step toward securing the best terms for your mortgage renewal.


  • My Mortgage is due for a renewal, WHAT SHOULD I DO?

Call me and I can look at your requirement and find you a lender which offers you lower rate and asking mortgage.

  • What will happen if I don’t sign my renewal letter?

Lender will put you on a open term mortgage which will be at a higher rate. It is better to discuss other options with us to make up your mind.

  • Can I buy a house in Canada on a work permit?

YES, you can buy house in Canada if you have a valid work permit. Contact us for more details on the work permit purchase requirements.

For more details, do reach out at 250.290.1114.