When you get a mortgage, your agreement with the lender is set for a specific time period, known as the mortgage term. This term can last anywhere from a few months to five years or more.
When your mortgage term expires, you’ll have to either pay off the remaining balance or renew your mortgage. This is an ideal opportunity to reassess your financial situation and ensure your mortgage still meets your needs.
Compare rates from multiple lenders to secure a lower interest rate, reduce your overall interest costs, and pay off your mortgage faster.
A single, convenient application submitted to multiple lenders, allow us to act as your personal mortgage shopper to simplify the process and save you time.
Brokers offer personalized, unbiased advice tailored to your financial situation—whether your income has changed, you've added debt, or you want to pay off your mortgage faster.
Your renewal journey begins here. The first step is completing our online mortgage form.
This form gives your agent the essential details to personalize your mortgage renewal options.
Based on the information you provided in step 1, your agent will prepare a customized checklist of required documents to ensure all your mortgage options are available.
After submitting the necessary documents, your agent will review and provide the top renewal options and recommendations.
During this step, your agent will prepare the mortgage commitment, reviewing the mortgage amount, terms, payments, prepayment privileges, property taxes and answer any questions you may have.
Your current lender will issue a detailed payout statement. The information your lender sent over is reviewed verifying that the information on your home’s title matches the paperwork submitted to your new lender.
This process is facilitated by a mortgage loan closing service (FCT, FNF).
You’ll meet with a signing agent to review and sign the final documents just prior to the closing date.
When your mortgage term ends (usually 1–5 years), you don’t pay off your entire loan right away. Instead, you “renew” the remaining balance into a new term with updated rates and conditions.
Most Canadians have terms of 5 years or less. With a typical 25-year amortization, this means you’ll renew multiple times before your mortgage is fully paid off.
No. You’re free to shop around. Staying with your current lender may be easy, but comparing options with a broker often leads to better rates or terms.
It’s smart to start reviewing your options 4–6 months before your renewal date. Many lenders allow early renewal without penalty, and this gives you time to lock in rates before they rise.
If you don’t take action, most lenders will automatically roll your mortgage into a short-term open or closed term at whatever rate they offer. This is often not the best rate available.
Yes! Renewal is the perfect time to adjust your mortgage to match your life. You can:
Switch from a fixed to variable (or vice versa)
Shorten your amortization
Change your payment frequency
No — this is called a refinance. If you’ve built up equity in your home, you can access it by refinancing.
If you stay with your existing lender, often no credit check is needed. If you switch to a new lender, a full application (including credit, income, and property details) is usually required.
When rates rise, your payments may increase. Planning ahead with a broker can help you:
Lock in a rate early
Explore shorter terms until rates stabilize
Adjust amortization to keep payments affordable
Start shopping months before your term ends
Compare offers from multiple lenders (not just your bank)
Decide if you need to refinance or simply renew
Work with a broker to negotiate the best rate and terms for your goals
Getting Pre-Approved is as easy as 1-2-3 with our online application
