Mortgage Basics

What to expect during your mortgage renewal in Canada

What to expect during your mortgage renewal in Canada
Written by
  • Alivia Massimillo
| 21 February 2023
Reviewed, 28 February 2023

Table of contents

    Renewing your mortgage is a big task. As a homeowner, you’re undoubtedly aware that it is something you must do every few years, but what should you expect when the time comes to renew? 

    At first glance, several decisions and paperwork may be needed during this process, which can be overwhelming for many homeowners. Fortunately, with the right preparation and understanding of what is involved in the renewal process, renewing your mortgage doesn’t have to be complicated or stressful. 

    In this blog post, we’ll walk through everything you need to know about preparing for and navigating your mortgage renewal: from reviewing your current situation to getting tips on renewing the right way. 

    What is a mortgage renewal?

    A mortgage renewal in Canada is a process in which mortgage-holding homeowners can extend their mortgage contract with the same lender or renegotiate with a different lender. 

    Renewals offer mortgage holders an opportunity to refinance their loan and lower interest rates, change payment terms, or make adjustments to the mortgage amount. 

    Mortgage holders must stay informed of their mortgage details and consider mortgage renewals when nearing the end of their current mortgage term. Reviewing options during the renewal period can ensure mortgage holders secure the best rate and terms for their needs.

    Note: Interest rates in the current landscape are much different than when you first secured your latest mortgage. The result is higher monthly payments. But fear not! At we always have a solution with the best rates. 

    What happens during the mortgage renewal process in Canada?

    A few things. 

    The first is thoroughly reviewing your mortgage options at the end of your mortgage term to ensure you have the best mortgage product to meet your needs. 

    Your mortgage lender will also look at your mortgage history, credit score, employment status, income, and other factors to determine which mortgage product is best for you. 

    Finally, during the mortgage renewal process, your lender may offer you a lower interest rate or an extended loan term to help reduce your mortgage payments or save money on interest. 

    In short, before signing a new mortgage agreement, it is important to review all mortgage options and make sure any changes proposed by your lender are suitable for you.  

    How to get the best deal on your mortgage renewal?

    Most Canadians are signing with their current lender, which is a no-go. It’s essentially passing up the opportunity for a more competitive rate that can save you thousands of dollars over your mortgage term. To get the best deal, be sure to shop around. 

    What is the easiest way to do that? On Just fill out a quick application (less than 1 minute), and we will show you your best renewal rates with various lenders in no time. 

    Here are 5 Tips for your mortgage renewal to keep in mind

    1. Take the time to shop around for the best mortgage rate.

    When renewing your mortgage, it’s important to shop around for the best rate you can find. Several ways to do this include talking to your current lender, contacting a mortgage broker, or using an online mortgage rate comparison tool, like

    2. Make it a point to review your current mortgage terms.

    Before shopping for a new mortgage term, reviewing your current terms is important. This will give you a good idea of what you can afford and help you compare different mortgages more effectively.

    3. Always consider switching lenders.

    If you’re unhappy with your current lender, you may consider switching to a new one. Doing this can open the doorway for a lower mortgage payment and better terms. 

    4. Negotiate with your current lender.

    Once you’ve found the best mortgage rate, it’s time to negotiate with your lender. You can always update them that you are shopping around and are prepared to walk away if they don’t offer you a competitive rate that matches what you’ve found. 

    5. Get everything in writing.

    Finally, once you’ve negotiated a good mortgage rate, get everything in writing before you sign anything. This way, there will be no surprises down the road, and you can be confident that you’re getting the best deal possible.

    Wrapping it up 

    In the end, renewing your mortgage shouldn’t be stressful. The goal at is to make the process seamless for you buy offering you the tools you need to negotiate the rates you deserve.