Ontario Mortgage Guide
What should I do when my mortgage is up for renewal?
A renewal is an opportunity to review your mortgage rather than simply carry on without checking the details. Starting early gives you time to understand the available terms and whether your needs have changed.
Talk through your optionsThe short answer
What should I know?
Before your current mortgage term ends, compare the renewal offer with other options and review the rate, term, payment, prepayment privileges, and any conditions. If you want to change lenders or borrow more, additional qualification and costs may apply.
Mortgage availability, rates, qualification, and lender requirements depend on your application and may change. This guide is general information, not a mortgage approval or financial, legal, or tax advice.
Before you decide
What should I consider?
01
Start before the maturity date
Allow time to ask questions, gather documents, and compare options before your current term ends.
02
Compare more than the rate
Mortgage features such as prepayment options, portability, penalties, and flexibility can matter depending on your plans.
03
Check your plans
A move, renovation, expected change in income, or other financial goal may affect which terms suit you.
04
Changing lenders may involve more steps
A new lender may reassess your application and the property. There may also be legal, appraisal, or discharge costs.
A clear process
How can I get started?
- 01
Review your current mortgage
Confirm the maturity date, outstanding balance, payment, prepayment terms, and any renewal offer.
- 02
Decide what you need next
Consider cash flow, expected changes, and whether flexibility or a particular term is important.
- 03
Compare costs and conditions
Look at comparable offers and all conditions before signing a renewal or switching.
Common questions
What else should I know?
Do I have to accept my lender’s renewal offer?
You can review other available options. If you consider switching, check qualification, timing, and any costs before your maturity date.
When should I start reviewing my renewal?
Starting several months before maturity can leave time to compare choices and complete any required steps. Ask your lender when its renewal offer is available.
Can I change my mortgage term at renewal?
You can ask about different terms and features. Availability, rates, and qualification depend on the lender and your application.
Personal guidance
Want to talk through your situation?
Steve Beecroft, Mortgage Agent Level 2, can help you understand the questions to ask and the options to explore. A conversation does not guarantee approval or a particular rate.
Contact Steve