Your mortgage renewal timeline: six months to go

Locate your maturity date, current mortgage statement and agreement. Record the remaining amortization, payment frequency, prepayment privileges and any linked home equity borrowing. Check whether you have a standard or collateral charge rather than guessing from the product name.

Review what has changed since your last term: income, employment, household expenses, debt or plans for the property. If affordability may be tight, contact your lender and a broker early. The calendar gives you time to explore options; it does not guarantee approval or a particular product.

This is an organising checkpoint, not a universal lender deadline. Ask which products can be considered for your maturity date and whether a rate hold is available. Get the expiry date, conditions and any process for considering a lower offer in writing. Do not assume every lender holds rates for the same period.

Compare offers using the same balance, amortization and payment frequency. Look at term length, fixed or variable payment structure, prepayment privileges, portability and early-exit terms. Ask what happens if you move before the new term ends.

If you may switch, supply requested documents promptly and ask what remains outstanding. A new lender may need income verification, a property review and other checks. Discuss the applicable qualifying rules for your transaction rather than assuming either that every switch requires the same test or that no assessment is needed.

FCAC says a federally regulated lender must provide a renewal statement at least 21 days before the existing term ends. It must also notify you at least 21 days before term end if it will not renew. That is a notice requirement, not a recommendation to leave comparison shopping until then.

Read the offer for the principal due at renewal, rate, frequency, term and fees. Ask what happens if you do not respond and whether the offer includes automatic renewal conditions. If switching, confirm who is handling payout instructions, any legal work and the scheduled funding date.

Keep making required payments while the process is underway. Do not cancel the old payment arrangement just because a new application was submitted. Ask both sides how they will handle any payment collected around the transfer date and how any adjustment will be confirmed.

Before the deadline, confirm acceptance with your existing lender or completion of the transfer with the people handling it. If a delay appears likely, contact the current lender immediately to discuss a documented arrangement. Do not assume that funding late carries no consequences.

After completion, check the first withdrawal against the agreement. Confirm the balance, payment schedule, tax arrangement if applicable and online account access. Keep the new agreement and completion documents together. Add reminders for future review so the next renewal starts with information rather than a last-minute envelope.