Mortgage Renewal

Renegotiate your old terms to meet your current needs

A mortgage renewal is done at the end of your mortgage term when you haven’t fully paid off your mortgage. Your mortgage contract will be renewed with possible term and interest rate changes. When your mortgage is up for renewal, you might want to consider taking advantage of any features that your mortgage lender offers, such as mortgage prepayment allowances. You might also negotiate your mortgage renewal rate or shop around with other lenders for a better rate.

Important considerations

Changing interest rates

Your lender’s interest rate may change when you renew your mortgage.

Potential penalties

There are penalties if you attempt to renew your mortgage before the term is over.

Automatic renewals

Your renewal statement will state if your mortgage will be automatically renewed, which means that your mortgage will automatically renew if you do not take any action. Automatic renewals indicate that you accept the terms and rates that your lender offers, which might not always be the most favourable.

Frequently Asked Questions

How does renewing a mortgage work?

Will my interest rate change when I renew my mortgage?

Can I be denied a mortgage renewal?

Before you renew:

Before letting your mortgage automatically renew or accepting the same terms as your previous mortgage, consider doing the following:

Shop around for better rates with other lenders

Negotiate with your lender for a better rate or shorter term

Exploring available features such as mortgage prepayment allowances

Renewal tips

At renewal, you can choose to negotiate with your lender or switch to a different lender. There is also a chance you can be denied at renewal.

Negotiation tips:

Shop around for better rates

Review your renewal agreement carefully

Don’t let your mortgage auto-renew without negotiating your rates or term

If you are denied a mortgage renewal:

Meet with your lender to discuss accommodations

Find a co-signer

Look a private lenders

Why work with a mortgage broker when renewing your mortgage?

Market knowledge

A broker understands the ins and outs of the local market, interest rates and current mortgage trends, meaning they will know whether and where to look for better offers.

Peace of mind

Working with someone you can trust to help you navigate the renewal process lets you rest assured you are making the best possible decision for the short- and long-term.

Expert troubleshooting

If you are denied a renewal or are having trouble making a deal with your lender, a mortgage broker can step in to remedy the situation using a number of strategies.

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