At the end of your mortgage term, so long as you still owe a balance, you will need to renew your mortgage for another term. And with each mortgage renewal comes the opportunity to assess your current mortgage and compare it to any new financial goals you may have. You could either renew your mortgage with your current mortgage provider or start looking for an alternative which fits your needs better:

Start Shopping 120 days Before Your Term is Up
Most lenders will let you start the early mortgage renewal process 120 days or 4 months before your current mortgage term’s maturity date. This means that you could renew early with your current lender without having to pay a prepayment penalty (for breaking your term early) or you can at least start researching your options. By finding out the mortgage rates, prepayment options and other terms and conditions of various lenders, you’ll be better armed to negotiate when you are ready to renew.

Consider Your Financial Goals
Your financial goals at the beginning of your current mortgage term may no longer match up with your goals today. Whatever your needs are, make sure you consider them when choosing a mortgage rate, term and product.

Outline Your Mortgage Needs
Along with your other financial goals, you should make a list of what you’re looking for in a mortgage product.

Be Ready to Renew in the Last 30 Days
Your current lender will send you a mortgage renewal statement at least 21 days before your term is up, but they will usually mail you a renewal offer for their lowest posted rate that is good for the 30 days before maturity. By extending that offer for 30 days, you’re protected from any potential rate increases during that time. Hopefully by this time, you should have done enough research to know whether or not it’s actually the best mortgage rate on the market.

Make a Decision
After shopping around, considering your financial goals, outlining your mortgage needs and receiving a mortgage renewal offer from your current lender, it’s finally time to make a decision.


Application Process

To begin creating your customized financing solution, please contact

Financing enquiry

Annie Pan
[email protected]

C: 604-765-3588
T: 604-242-1624
T: 604-638-1580 Ext. 201


General Enquiry

[email protected]
T: 604-630-6916