Mortgage renewal: make your next term fit

Your renewal is a chance to check whether your mortgage still fits your life. Start with the deadline, your budget and your plans, then compare the whole contract—not just the payment.

Guides in this topic

Renewal helpDiscuss your renewal options and next steps with Rahul.Read Renewal calculatorCompare illustrative payments and a projected maturity balance.Read Renewal timelinePlan from six months out through completion.Read Renewal declinedOrganise your next steps when your lender will not renew.Read Collateral mortgage renewalUnderstand linked borrowing and switching requirements.Read Decode your renewal letterSeven checks before you accept an offer.Read Early renewalReview the trade-offs before changing your term early.Read Renew, refinance or switch?Separate the options and compare their costs.Read Understand a rate holdCheck expiry dates, conditions and what is actually protected.Read Fixed or variable?Compare payment structure and contract flexibility.Read Converting to fixedQuestions to ask before changing your mortgage type.Read Mortgage term lengthsMatch your next term to your plans for the home.Read

Start with your plans

A mortgage term ends before many homeowners have finished repaying the loan. At maturity, the remaining balance needs to be repaid or renewed. This is a useful point to review your household budget, your plans for the home and how much flexibility you need.

Think about a move, parental leave, retirement, renovations or a change in income. A product that suited your last term may not suit the next one. Write down the features you would actually use before comparing offers.

Choose the right renewal path

Staying with your lender, switching lenders and borrowing more are not interchangeable. Ask what each proposal changes: the lender, balance, amortization, security on title or repayment conditions. A smaller payment does not necessarily mean a lower total cost.

If you want to access equity or combine debts, discuss that separately from a straightforward renewal. If you may switch, allow time for a new application, document review and any legal work. Do not rely on an application alone as proof that the transfer will complete.

Build a practical renewal budget

Use the renewal calculator to test a rate you enter yourself. Compare the estimated payment with what you pay now, then include property tax, home insurance, utilities, maintenance and other debts. For Nova Scotia households, a separate allowance for seasonal heating bills can make the plan more useful.

Use the guides below to prepare your documents, decode your letter and understand any collateral charge. Before signing, ask for the payment, fees, term and conditions in writing. Keep the signed agreement and confirm the first payment date.

Frequently asked questions

When should I start reviewing my renewal?

Starting about six months ahead gives you time to identify issues and gather documents. This is a planning suggestion, not a deadline or promise that a rate can be held that long.

Do I have to stay with my lender?

No. You can explore another lender, subject to approval and the work needed to move the mortgage. Compare transfer costs and contract features as well as the offered rate.

Will my renewal arrive automatically?

FCAC says federally regulated lenders must provide a renewal statement at least 21 days before the term ends, or notify you at least 21 days ahead if they will not renew. Confirm your own deadline rather than waiting for mail.

Which guide should I read first?

Start with the timeline if you have time to plan. If you already have an offer, read the renewal-letter guide. If your lender has declined renewal, make direct contact promptly and use the declined-renewal guide.

Sources

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