Mortgage renewal
If you’re within four to six months of your mortgage’s maturity date, it’s time to think about your mortgage renewal options. Many lenders allow you to begin the renewal process early, giving you the chance to secure better rates or switch lenders without extra fees. Before making any decisions, take a moment to explore the resources below. We’ll walk you through everything you need to know, from the basics of the renewal process to tips on finding a better rate, switching lenders, and what to do if your renewal is denied.
Also read: Renewing your mortgage in 2025? Here’s what to expect
- Did you know: You don't have to renew with your lender? You can usually get a lower rate by switching at renewal. Your existing lender has less incentive to provide you with the most competitive rates, as they already have your mortgage business. Auto-renewing means leaving money on the table.
- You could save $13,857 on average by switching with Ratehub.ca vs renewing with your bank. Speak to a Ratehub.ca mortgage agent today to see how easy switching can be.
- Switching comes with cash bonuses of up to $4,000 - that could buy you a vacation!
- Get access to exclusive insurance discounts when you have a Ratehub.ca mortgage.
Let’s start with the helpful video below for the top tips on renewing a mortgage.
Watch: Tips for renewing your mortgage
Basics of mortgage renewal
Are you worried about confusing mortgage terms and the pressure of tight deadlines? We’ll cut through the complexity by breaking down the renewal process, explaining key timelines, and highlighting why renewal day is your golden opportunity to switch providers without penalties.
Learn more about the fundamentals of mortgage renewal:
Term length and amortization considerations
If you’re feeling uncertain about which mortgage term fits your financial goals or confused by the concept of amortization, this section is designed to clear up the fog. We’ll guide you through how to choose the right term for your budget and long-term plans, break down the basics of amortization, and show you when extending your amortization might be a smart move.
Learn more about term length and amortization:
Refinancing vs. renewal
Not sure whether to wait for your scheduled renewal or consider refinancing? We’ll guide you through the decision-making process by exploring when refinancing truly makes sense, outlining the hidden costs you might encounter, and explaining the impact of mortgage refinance penalties. Read the links below to understand when refinancing could be a better option than simply renewing.
Learn more about how refinancing is different from renewal:
Switching lenders at renewal
If you're feeling limited by your current lender's options, we’ll show you how switching mortgage providers at renewal could help meet your financial needs. Read the links below to understand the potential benefits of changing lenders, how to secure favorable terms while switching, and if you should move from a variable-rate to a fixed-rate mortgage.
Learn more about switching providers:
Smooth renewal process
Concerned about unexpected roadblocks or rising costs as you renew your mortgage? We’ll help you overcome common renewal challenges. Explore our renewal tips to learn when you should start the renewal process and what are your options if your new monthly payments become unmanageable.
Learn some common tips for mortgage renewal:
Best renewal mortgage rates in Canada
As of:
Top tips for mortgage renewal in 2025:
- Start the renewal process early: Many lenders will allow you to renew your mortgage up to 120 days before the end of your term.
- Shop around and know your options: Comparing the market or working with a pro like a mortgage broker can help you find the best mortgage rate. Did you know: getting a mortgage rate even 0.25% lower can save a borrower $91 per month, and $1,092 per year!*
- Take out a shorter-term fixed rate such as a two- or three-year term: This provides protection against volatile interest rate changes, and allows borrowers to make a change sooner, when their term comes up for renewal.
- Make a lump sum payment: If possible, reduce your overall mortgage size before renewal by making a lump sum or accelerated monthly payment.
*Based on a $700,000 home price, 10% down payment, amortized over 25 years, and a five-year fixed mortgage rate of 4.64% vs. 4.39%.