Tips for a Successful Mortgage Renewal in Canada

As your mortgage term comes to an end, you’ll soon face an important decision: renewing your mortgage. While this process might seem straightforward, there’s more to it than simply accepting your lender’s offer. With a bit of planning and the right guidance, you can ensure your mortgage renewal works in your favour and sets you up for future financial success. Here’s how to make the most of your mortgage renewal in Canada.

Start Early — Don’t Wait for the Last Minute

Don’t wait until the last minute to think about renewal. Lenders typically send a renewal notice several months before your term ends. Use that time to explore your options—research rates, compare lenders, and prepare documents—so you’re not forced into accepting the first offer you see.

Assess Your Financial Situation

Before renewing, evaluate your current finances. Have your income and expenses changed? Do you have more home equity now? Are you able to increase payments or make lump sums? Understanding your position helps you choose terms that match your goals.

Compare Mortgage Rates and Terms

Ensure you’re getting a competitive rate and the right product. Whether you prefer fixed-rate stability or a variable-rate mortgage for flexibility, compare offers carefully—amortization length, prepayment privileges, portability, penalties, and fees all matter.

Shop Around for Better Rates

Many homeowners auto-renew with their current lender and miss better deals. Banks and alternative lenders often provide sharp rates to new clients. If you’re unsure how to compare options, a professional like Cannect can source multiple products and negotiate on your behalf.

Seek Professional Advice

Mortgage experts, such as the team at Cannect, can review your situation, explain pros/cons of each option, and help secure favourable terms—saving you both time and money.

Final Thoughts: Take Control of Your Mortgage Renewal

A successful renewal is about more than interest rates—it’s aligning your mortgage with your financial reality and future plans. Start early, compare offers, and lean on expert advice. With me and my mortgage partner, Cannect, you’re not just renewing—you’re making a smart, strategic move. Cannect is one of Canada’s top independent mortgage sources, with fast, flexible solutions and salaried, non-commissioned experts focused on your success.

No obligation. Quick responses. Expert guidance.

Keep learning: Mortgage Hub · Mortgage Renewal Basics · Mortgage Payment Calculator