If your mortgage term is set to expire in the next four to six months, now is the perfect time to start thinking about your renewal options. Many lenders allow early renewals—sometimes up to 120 days before your term ends—giving you the opportunity to lock in a competitive rate or even switch lenders without penalties.
Before you make any decisions, take a few minutes to explore your options. We’ve outlined key information below to help guide you through the renewal process, including how to find better rates, switch lenders smoothly, and what steps to take if your renewal application is declined.
Understanding Term Length and Amortization
Not sure which mortgage term is right for you? Or feeling a bit confused about amortization? You’re not alone—and we’re here to help. In this section, we break down what mortgage term and amortization mean, and how to align them with your budget and long-term financial goals. You’ll also learn when it might make sense to extend your amortization to ease monthly payments.
Thinking About Switching Lenders?
If you’re not completely satisfied with your current mortgage provider, renewal time is a great opportunity to shop around. Switching lenders could give you access to better rates or more flexible terms. We’ll help you understand how to evaluate new offers, how to switch without added costs, and whether moving from a variable to a fixed rate might make sense for you.
Making the Renewal Process Easier
Worried about rising costs or unexpected hurdles as your renewal date approaches? Don’t stress—we’ve got you covered. We’ll walk you through common challenges and show you how to stay ahead of them. From starting early to managing payment increases, these practical tips can help keep your mortgage on track.
Top Tips for a Smart Mortgage Renewal
Start early: Most lenders allow renewals up to 120 days before your mortgage term ends. Starting early gives you more time to explore options and negotiate better terms.
Compare rates: Shopping around—or working with a mortgage broker—can help you secure a better deal. Even a small rate reduction of 0.25% can lead to significant savings over time.
Consider a shorter-term fixed rate: A two- or three-year fixed term can offer stability in a changing rate environment and provide flexibility when it’s time to renew again.
Make a lump sum payment: If your budget allows, making an extra payment before your renewal can reduce your mortgage balance—and the interest you’ll pay over time.
Renewing your mortgage doesn’t have to be stressful. With a bit of preparation and the right guidance, you can make informed decisions that support your financial future.