Mortgage Renewal

Renewing your mortgage at the end of a term, and whether to switch.

A mortgage renewal is when your term ends and you sign a new one, at then-current rates, for the remaining balance. Your lender's renewal offer is a starting point, not the best available rate, and staying put out of inertia is a common, expensive mistake. Shopping the renewal, or switching lenders, can save meaningfully; a straight switch that does not increase your loan is now exempt from the stress test for uninsured mortgages.

General information only, not legal, tax, or financial advice. Rules change and vary by province; confirm the current details with the relevant authority before you rely on them.