We guide you through your mortgage process by presenting you with the best options available

Did you know that nearly 60% of borrowers accept the first renewal with their current lender? By doing this, borrowers are putting themselves at risk by not shopping around for more competitive rates. Don’t make that same mistake. Know that you can negotiate a mortgage from other lenders and potentially save a lot of money on your mortgage renewal. It is usually a good idea to begin looking for a new term 4 to 6 months before your current mortgage expires. Before your lender contacts you about renewing your mortgage term, we can start shopping around for the best renewal rates.

Your renewal statement

If your mortgage contract is with a federally regulated financial institution, such as a bank, the lender must provide you with a renewal statement at least 21 days before the end of the existing term.

A renewal statement must contain the same type of information that is in your current mortgage contract, such as:

  • the balance or remaining principal at the renewal date
  • the interest rate
  • the payment frequency
  • the term
  • any charges or fees that apply

The renewal statement must also specify that the interest rate offered in the renewal statement won’t increase until your scheduled renewal date.

The financial institution may provide the statement to you as a paper document, or electronically if you consent to receive required information in electronic format.

You may receive a mortgage renewal contract at the same time as a renewal statement.

If your lender decides not to renew your mortgage, it must notify you at least 21 days before the end of your term.

Review your mortgage needs

When your mortgage term comes to an end, you’ll need to pay off your mortgage or renew it for another term. This is a good time to review your needs and make sure you have the right mortgage if your needs have changed.

Contact Us

Ask the following questions to help you find the right mortgage:

  • Does your budget allow you to increase your mortgage payments so you can pay off your mortgage sooner and save on interest charges?
  • Do you want to change your payment frequency? For example, switching from monthly payments to accelerated bi-weekly payments may let you pay off your mortgage more quickly.
  • Do you think you’re likely to make additional prepayments?
  • Are you satisfied with the services offered by your current lender?
  • Do you want to consolidate other debts that have higher interest rates and increase the amount of your mortgage loan?
  • Do you still need, or need to add, optional life, critical illness, disability or employment insurance to protect the balance of your mortgage?

Shop Around

You don’t have to renew your mortgage with the same lender. You can choose to move your mortgage to another lender if it offers you terms and conditions that better suit your needs.

Start shopping around a few months before the end of your mortgage term. Contact various lenders and mortgage brokers to check if there is a mortgage option with terms and conditions that better suit your needs. Don’t wait until you receive the renewal letter from your lender.