Stay With Your Current Lender
Compare the offered rate and contract with other options. Staying may involve fewer administrative steps, but convenience alone does not guarantee the best terms.
Review Rate Information ↗Canadian Mortgage Renewal Guide
Mortgage Renewal in Canada. Compare Before You Sign.
Your mortgage term is ending. Before accepting another term with your current lender, compare the interest rate, monthly payment, flexibility and switching costs. A better renewal decision can affect your finances for years.
Whether you're renewing a Vancouver condo mortgage, a Toronto home, a Calgary property or a mortgage elsewhere in Canada, you can review your current offer, negotiate and explore other lenders before maturity.
MortgageSaver provides mortgage education and comparisons. Actual renewal terms, lender qualification and switching fees depend on your mortgage and the lender.
One renewal. Several possible paths.
Compare, negotiate, switch or reconsider the mortgage structure.
When to Start
Several Months Before Maturity
Allow time to compare quotes and lender requirements.
Your Choice
You Can Explore Other Lenders
The current lender's renewal offer is not your only possible option.
Your Priority
Compare More Than the Interest Rate
Payment, fees, penalties and mortgage flexibility matter.
01 / Understanding Renewal
What Happens When Your Mortgage Term Ends?
Most mortgages take multiple terms to repay. Renewal means arranging the terms for the remaining balance when your current mortgage contract expires.
Check the Remaining Balance
Confirm how much principal will be outstanding at the maturity date.
Compare the Next Interest Rate
A changed rate can materially affect payments even when the mortgage balance is lower.
Choose the Next Term
Consider how long you want to commit to a rate and mortgage conditions.
Revisit Fixed vs Variable
Financial goals, cash flow and tolerance for rate changes may be different from your last renewal.
Reassess Your Lender
You can compare the current lender with eligible alternatives instead of renewing automatically.
02 / Mortgage Renewal Timeline
Don't Wait for Your Renewal Letter to Start Comparing
Canada's Financial Consumer Agency recommends shopping around a few months before your term ends. Waiting until the last few weeks can limit your time to negotiate or complete a lender switch.
Several Months Out
Review Your Needs
Confirm the maturity date, remaining balance, monthly budget and plans for the property.
Early Comparison
Explore Rates
Request comparable quotes from the current lender and other available lenders or brokers.
Before Maturity
Negotiate and Decide
Review the formal renewal offer, any early-renewal conditions and the costs of switching.
Term End
Complete the Next Step
Renew, transfer to a new lender, refinance or pay off the balance as agreed.
21 Days
Federal Notice Minimum
A federally regulated financial institution must provide a mortgage renewal statement at least 21 days before the end of the current term. This is a minimum notice requirement, not the recommended time to begin shopping. If the lender won't renew, it must also notify the borrower at least 21 days before maturity.
Read the full renewal offer before signing.
Rate, payment, contract conditions and future flexibility all matter.
03 / Review Your Offer
What Should You Check in a Mortgage Renewal Statement?
Your lender's renewal statement is the starting point for comparison. Confirm the actual figures and ask about anything that could affect your next term.
Remaining Principal
The mortgage balance expected at your renewal date.
Offered Interest Rate
Ask whether a lower or discounted rate is available.
New Term
Compare the proposed contract length with your future plans.
Payment and Frequency
Review the new required payment and whether the frequency suits your cash flow.
Fees and Charges
Confirm any applicable charges stated in the offer.
Prepayment Privileges and Penalties
Understand what happens if you make extra payments, refinance or sell during the next term.
04 / Your Renewal Choices
Renew, Switch, Refinance or Reduce Your Mortgage?
The right path depends on whether you simply need another mortgage term or want to change the loan amount, amortization or lender.
Move to a Different Lender
Apply to another lender for a mortgage that may offer a different rate or features. Compare approval requirements and transfer costs.
Lender Switching Guide ↗Change Your Mortgage Amount or Structure
Consider refinancing if you need additional borrowing, debt consolidation or a material change in amortization. A new qualification review may apply.
Refinancing Guide ↗Reduce or Pay Off the Remaining Balance
If you have available funds, ask your lender how extra payments or full repayment can be handled at maturity.
Understand Repayment Flexibility ↗05 / Compare the Complete Offer
Is Your Current Lender's Renewal Offer Competitive?
Compare offers using the same remaining mortgage balance, amortization and similar mortgage features. Different terms or fees can make headline rates misleading.
Rate and Term
Compare the offered rate for a similar fixed or variable product and term length.
Monthly Payment
Calculate what changes in your required payment, not merely the percentage difference.
Remaining Amortization
Use a consistent remaining repayment period when comparing offers.
Prepayment Flexibility
Review extra-payment limits and how the mortgage handles early repayment.
Switching Costs
Include legal, discharge, registration, appraisal and other charges where applicable.
Restrictions and Services
Compare portability, collateral charges, administrative terms and future borrowing plans.
06 / Mortgage Renewal Negotiation
Can You Negotiate a Better Mortgage Renewal Rate?
Yes. Your lender may be able to improve its initial rate offer. Independent quotes can make the conversation more useful.
Bring Comparable Quotes
Ask other lenders or brokers about similar products, rates and conditions.
Request the Best Available Offer
Ask whether the lender can improve its quoted renewal rate or mortgage terms.
Compare Total Value
A lower rate may be less attractive if fees, restrictions or penalties are substantially worse.
Get Revised Terms in Writing
Confirm the rate, expiry date, payment, mortgage term and related conditions before agreeing.
Allow Time to Decide
Don't leave negotiations so late that an outside application cannot be completed before maturity.
07 / Mortgage Lender Switching
What Should You Check Before Switching Mortgage Lenders?
Moving your mortgage may improve your options, but a new lender must approve the application and the transfer may involve legal or administrative work.
New Lender Approval
The receiving lender reviews your application under its applicable underwriting policies.
Discharge and Registration
Fees may apply to remove the old mortgage charge and register or transfer the new one.
Appraisal and Legal Expenses
An appraisal and legal or notarial documents may be necessary depending on the lender and property.
Collateral-Charge Mortgages
Some charges require additional discharge and registration steps. Other debts secured by the charge may also need attention.
Existing Mortgage Insurance
If your mortgage is already insured, advise the new lender. Insurance may sometimes be transferred instead of purchased again, subject to applicable requirements.
Who Pays the Costs?
Ask whether the new lender will cover any eligible transfer, appraisal or other costs.
08 / Uninsured Straight Switches
Do You Need to Pass the Mortgage Stress Test When Switching Lenders?
Not every switch requires the standard prescribed qualifying-rate test.
Under OSFI guidance, an eligible uninsured straight switch at renewal between federally regulated lenders is exempt from the prescribed minimum qualifying rate.
Existing Stand-Alone Uninsured Mortgage
The OSFI exemption addresses eligible existing stand-alone uninsured mortgages.
Federally Regulated Lenders
The transfer must be between federally regulated financial institutions under the stated OSFI criteria.
No Increase in Loan Amount
Borrowing additional equity is not part of this specific uninsured straight-switch exemption.
No Increase in Remaining Amortization
The remaining contractual amortization period must not increase.
Underwriting Still Applies
A lender must still assess the borrower's ability to repay and follow sound residential underwriting practices.
Important distinction
A straight switch is not the same as refinancing or taking additional funds from your home. Mortgage-insurance rules and lender-specific policies may also affect other types of switches. Confirm the exact criteria with the receiving lender.
09 / Rate Type at Renewal
Should You Choose a Fixed or Variable Mortgage at Renewal?
The choice should reflect your budget, tolerance for rate changes and future plans. Neither fixed nor variable is automatically better.
Rate Certainty During the Term
Your contractual interest rate remains unchanged for the selected term.
- May provide more predictable principal-and-interest payments
- Rate changes generally apply when the term is renewed
- Breaking a closed fixed mortgage can trigger a significant penalty
- Worth considering when payment certainty matters
Interest Rate Can Move During the Term
Variable pricing often moves with the lender's prime rate, but payment mechanics depend on the contract.
- The interest rate may rise or fall during the term
- Payments or the principal-interest split may change
- Prepayment penalties depend on the actual agreement
- Worth understanding if you can tolerate rate changes
10 / Prepare for Payment Changes
What If Your Mortgage Payment Increases at Renewal?
A new interest rate can change the required payment even after years of paying down the mortgage. Review the new payment alongside your current financial responsibilities.
Know the Exact Renewal Balance
Use the remaining principal instead of the original mortgage amount.
Compare the New Payment
Estimate the change using the proposed rate and remaining amortization.
Review Household Cash Flow
Include taxes, condo fees, utilities, insurance, other debts and savings.
Discuss Available Options
Ask about different rates, terms or payment structures before extending amortization.
Understand the Trade-Off
Increasing amortization may lower the required payment but increase total interest paid over time.
Interactive Renewal Planning
Mortgage Renewal Payment Comparison Calculator
Compare the estimated monthly payment on your remaining balance at two different rates using the same amortization. This is useful for testing a current offer against an alternative quote.
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The rates shown are editable examples—not today's lender offers.
Estimated Monthly Payment Difference
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Absolute difference between the two estimated monthly payments.
Payment — Current Offer
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Payment — Alternative Rate
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Term Interest — Current Offer
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Term Interest — Alternative Rate
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Remaining Balance — Current Offer
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Remaining Balance — Alternative Rate
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Payments assume fixed annual rates throughout the selected term, monthly repayment, Canadian nominal rates compounded semi-annually, and no additional fees or prepayments. The difference in interest alone is not the total cost difference because the ending principal balances may also differ. Variable-rate changes, switch costs and taxes are excluded.
11 / Refinancing at Renewal
When Does Refinancing Make More Sense Than a Straight Renewal?
Refinancing may be relevant when you want to change your mortgage amount or significantly restructure repayment. It involves more than selecting a new term.
Accessing Home Equity
You may want to borrow additional funds for a planned expense, subject to equity and lender requirements.
Debt Consolidation
Combining debts into mortgage financing can change payment obligations and total interest cost.
Debt Consolidation Guide
Changing Amortization
Extending the remaining repayment period may reduce payments but generally increases total interest.
Adding Other Credit
Home-equity credit products may be worth evaluating when you need flexible access to funds.
HELOC Guide
New Underwriting and Costs
Refinancing can trigger a fresh lender qualification review, appraisal, legal fees or other expenses.
12 / Renewal Preparation
What Should You Have Ready Before Comparing Mortgage Renewals?
Gather the information needed to compare your existing contract with alternatives on consistent terms.
Mortgage Maturity Date
Know when your existing term expires.
Current Mortgage Statement
Confirm the outstanding balance, rate and payment frequency.
Remaining Amortization
Check the repayment period left rather than using the original amortization.
Mortgage Registration Type
Ask whether you have a standard or collateral-charge mortgage.
Updated Financial Information
Prepare income, credit and property documents if a different lender requests them.
Comparable Renewal Quotes
Keep rate, term, lender fees and mortgage features together for review.
13 / Simple Renewal Process
A Four-Step Way to Make Your Mortgage Renewal Decision
Give yourself enough time to compare, clarify the costs and finalize any lender switch before the term ends.
01 / CHECK
Review Your Mortgage
Confirm balance, maturity date, existing rate and remaining amortization.
02 / COMPARE
Gather Options
Compare your lender's offer with relevant outside rates and mortgage features.
03 / DECIDE
Choose the Right Path
Negotiate, renew, switch, refinance or make an eligible lump-sum payment.
04 / COMPLETE
Finalize Before Maturity
Review and complete lender documents, registration and other required steps.
14 / Questions to Ask
What Should You Ask Before Signing a Mortgage Renewal?
Use these questions to compare the mortgage you have with the options available for your next term.
- What is the exact remaining balance at renewal?
- Can my current lender improve the offered interest rate?
- How does this offer compare with similar lender products?
- What will my monthly or biweekly payment become?
- What is the remaining amortization?
- Are there fees for renewing or switching?
- What are the prepayment privileges and penalties?
- Is the mortgage registered as a collateral charge?
- Can I make a lump-sum payment at maturity?
- How long is the written rate offer valid?
- Would another lender require additional underwriting?
- Am I likely to sell or refinance during the next term?
Regional Mortgage Renewal Considerations
Mortgage Renewal Planning Across Canadian Cities
The basic renewal decision is similar across Canada, but property types, registration requirements and local ownership costs can affect switching or refinancing. Review the details for your home rather than assuming every lender evaluates it the same way.
British Columbia
Vancouver, Surrey and Langley
Consider the financing implications of strata properties, detached homes, acreages and collateral-charge registration when switching or refinancing.
Ontario
Toronto, Mississauga and Ottawa
Review lender-switching costs, collateral charges, condo-related eligibility and affordability if mortgage payments have increased.
Alberta
Calgary and Edmonton
Consider appraisal value, legal registration expenses and property-specific lender requirements before switching.
Quebec
Montreal and Quebec City
Account for applicable notarial procedures, mortgage registration and lender documentation when changing institutions.
Saskatchewan and Manitoba
Regina, Saskatoon and Winnipeg
Check local property eligibility, registration costs and any documentation required by a new lender.
Atlantic Canada
Halifax and Other Communities
Confirm lender availability, local legal processes and property assessment requirements, especially outside larger cities.
These examples provide regional context, not local mortgage-rate offers or a representation that MortgageSaver provides licensed brokerage services in these locations.
Related MortgageSaver Resources
Explore Your Next Mortgage Decision
Mortgage Renewal FAQs
Frequently Asked Questions About Renewing a Mortgage in Canada
Practical answers about renewal notices, negotiating, switching, the stress test, amortization and repayment.
What is a mortgage renewal in Canada?
A mortgage renewal happens when your current mortgage term ends and you arrange new terms for the remaining loan balance. You can consider renewing with the same lender, switching to another lender, refinancing or paying off the balance.
When should I start shopping for a mortgage renewal?
Start several months before your mortgage term expires. Canada's Financial Consumer Agency recommends comparing available lenders and mortgage options before the formal renewal letter arrives.
When must my bank send my mortgage renewal statement?
Federally regulated financial institutions must provide the required renewal statement at least 21 days before the existing term ends. This minimum notice period does not mean you should wait until then to shop around.
What information is on a mortgage renewal statement?
The required statement from a federally regulated institution includes remaining principal, offered interest rate, payment frequency, mortgage term and applicable fees or charges. It also states that the offered rate will not increase before the renewal date.
Should I accept my lender's mortgage renewal offer?
Review it before signing. Compare the offered rate, payment, term, penalties, prepayment privileges and costs with other suitable options. Your lender's first offer may not be its most competitive.
Can I negotiate my mortgage renewal rate?
Yes. Ask your lender whether a better rate or terms are available. Comparable offers from other institutions or brokers may support your negotiation.
Can my mortgage renew automatically?
Some mortgages may automatically renew under their contract and lender procedures if you take no action. The renewal statement should explain applicable automatic-renewal arrangements. Review your documents rather than assuming the best terms will be applied.
Can I switch mortgage lenders at renewal?
Yes, subject to approval by the new lender. Compare the mortgage terms and account for possible discharge, appraisal, registration, transfer, legal or administrative costs. See the lender switching guide.
Do I have to pass the stress test when switching lenders at renewal?
Not always. OSFI does not prescribe the standard minimum qualifying rate for eligible uninsured straight switches between federally regulated lenders at renewal. Other switching and refinancing transactions may require the applicable stress test. New lender underwriting still applies.
What is an uninsured mortgage straight switch?
For OSFI's prescribed qualifying-rate exemption, an uninsured straight switch involves transferring an existing stand-alone uninsured mortgage between federally regulated lenders at renewal without increasing the loan amount or remaining contractual amortization.
What does it cost to switch mortgage lenders?
Possible costs include discharge or transfer fees, registration, legal or notarial expenses, appraisal fees and administration charges. Ask the new lender which costs it may cover.
Does a collateral-charge mortgage make switching harder?
It can. A collateral-charge mortgage may require discharge and new registration, which can create additional costs. Other credit products secured by the same charge may also need to be repaid or transferred.
Can I refinance at mortgage renewal?
Yes, if you qualify and have sufficient eligible equity. Refinancing can involve increasing the mortgage balance, accessing home equity, consolidating debt or materially changing the repayment structure. See mortgage refinancing.
Should I extend my amortization to lower my renewal payment?
A longer amortization may lower the required payment, but it generally increases interest over the remaining life of the mortgage. Review both short-term affordability and long-term cost before changing the repayment period.
Can I make a lump-sum payment at renewal?
Mortgage contracts may allow lump-sum payments at specified times, including maturity. Confirm the payment timing, processing requirements and whether any charge applies under your agreement.
Should I choose a fixed or variable mortgage at renewal?
There is no universally better choice. Compare actual rates, payment mechanics, potential rate changes, early repayment penalties and how long you expect to keep the mortgage. See the fixed versus variable comparison.
Make Your Next Mortgage Term Work Better
Your Mortgage Is Renewing. Make the Next Decision an Informed One.
Check your maturity date, review your lender's offer and compare the full mortgage terms before signing. MortgageSaver's resources can help you understand the decisions and questions that matter.
Explore Your Next Step
Compare mortgage rates or contact MortgageSaver about its mortgage information resources. Lender offers and approval are not guaranteed.
Educational information only. MortgageSaver provides general Canadian mortgage guidance and comparison information. Renewal rates, lender approval, fees and switching eligibility depend on your financial circumstances, mortgage contract and lender. Calculator figures are illustrative and not binding offers. Review the Disclaimer and Privacy Policy before relying on website content or sharing personal information.