Mortgage renewal
Tips for renewing your mortgage in 2024:
- 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%.
If you have four months until your current mortgage’s maturity date, most lenders will now allow you to begin the early mortgage renewal process, if necessary. Before making a decision, visit the pages below to learn about the different ways you can try to find a better rate or a different lender without paying extra fees. Use our Renewing Guide to find out more about how the process works, what you should do if your renewal is denied, and when to consider switching mortgage providers.
In the current mortgage environment, both fixed and variable rates are elevated. However, experts are predicting that the Bank of Canada will be carrying out rate cuts in the latter part of 2024 and into 2025. Given the prospect of lower mortgage rates on the horizon, you might want to think about how to take advantage of the situation. Have a look at the helpful video below, then scroll down for more information on renewing your mortgage.
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Mortgage Renewal Process
At the end of your mortgage term, so long as you still owe a balance, you will need to renew your mortgage for another term...
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Mortgage Renewal Tips
First and foremost, the most important step you can take in the mortgage renewal process is to start shopping around for...
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Early Mortgage Renewal
At the end of your mortgage term, so long as you still owe a balance, you will need to renew your mortgage for another term...
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Mortgage Renewal Denied Situation
When it comes time to renew your mortgage for another term, you’ll need to make a decision about whether you’d like to stay...
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Switching Providers
When your mortgage term comes up for renewal, you have several decisions to make - one of the most important being whether you...