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.