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Mortgage Renewal

Since the time that you acquired your mortgage, things have probably changed. Interest rates aren’t the same – hopefully they’ve dropped in lieu of increasing. Your income may have improved significantly, or you may have different financial needs than you did when you signed your mortgage papers. When it’s time to renew your mortgage all these factors will be taken into consideration to help you get a package that suits your current needs, not your needs from years ago.

What is a mortgage renewal?

The agreement made to extend your mortgage terms with your lender is called the renewal. If you do not renew your mortgage, it will be automatically done for you, and that may not work out in your favour.

How will I know when it’s time to renew my mortgage?

The holder of your mortgage will send you renewal papers to let you know that your terms are up. Usually, they will give you a heads up of about 1-4 months before the renewal date.

On the form your lender sends you to inform you about your renewal they will also include the following information:

  • Mortgage balance or remaining principal (if applicable)
  • Interest rate
  • Payment frequency
  • Term
  • Any other charges and fees that have applied up to now

Do I have to stick with the same lender?

You do not. When you renew your mortgage, you can go with any lender you choose. Moving your mortgage to a different lender may better suit your needs. Your new lender will need to approve your application just in case the criteria they use for approval differs from your original lender.

When you work with a mortgage broker, they will ensure you have the right qualifications in place for your new lender.

Why should I work with a broker when it’s time to renew?

Mortgage brokers can access products from a variety of lenders. They are given special products that banks and financial institutions are not. Also, brokers can check with your current lender to see if they’re willing to give you a better deal before you take your mortgage elsewhere.

Many times, lenders want to offer you a good deal so you stay with them, but need a little push to do so. An experienced mortgage broker can give them that push.

Even if your mortgage is not yet up for renewal, don’t wait until you get a notice from your lender. Meet with a broker today and see what deals are out there. There’s probably tailor-made mortgage package available for you that only your broker can get.


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Your home is your most valuable asset. It is probably the single largest investment you will make in your lifetime. Your home is more than a place to rest your head and raise a family. Your home contains equity. It is a treasured resource and in some cases, can even be used as an ATM (aka cash back mortgages and HELOCs – don’t worry we’ll get there).

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