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Mortgage Renewal

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Mortgage Renewal

When your mortgage terms end, you can renew your mortgage. It can be done with the same lender, or you can choose a new one with better rates. A mortgage agreement is divided into short-term (such as a 5-year term) in a 30-year mortgage agreement. You can renew your mortgage when a term ends. The new lender will pay off your previous loan and give you better rates.

We have a wide network of lenders offering the best mortgage rates throughout Canada. You can get help from our expert team to get the most suitable rates according to your financial condition.

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Renew Your Mortgage with Better Terms!

Explore competitive rates and flexible terms for your mortgage renewal.
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Win A Free Mortgage Payment

Register your mortgage renewal date with Mortgagesquad.ca and you could WIN your first month’s mortgage payment upon renewal (see terms and conditions). When you register your renewal date with us, you are securing the lowest interest rate possible up to four months prior to your mortgage coming due. So, if rates go up prior to your mortgage renewing, you can still get the lower rate. If rates go down, you will still get the lower rate… it is a WIN WIN FOR YOU.
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Mortgage Renewal TipsMortgage Refinance?

Depending on the market rates, you can reduce your financial stress by renewing your mortgage. Always consider the following tips to get the maximum benefits from renewal.
  • Start Shopping Early: You should start applying for new mortgages 4-6 months before your mortgage term ends. It is a time-consuming process. You should not delay it till the end of the term.
  • Negotiate: Negotiate for the best mortgage rates. Mortgage renewal is only beneficial if you have better rates than before.
  • Look at Multiple Lenders: You must consider mortgage brokers for the renewal process. They have a wide network of lenders, and they will negotiate on your behalf. This helps you to get the best rates.
  • Get a Rate Hold:When you get an offer of a suitable mortgage rate from a lender, you should ask them for a rate hold. This protects you from market rate shifts.

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Commonly Asked Questions

How does mortgage renewal work?
A minimum of 21 days before the term of your mortgage is due to end, your current provider must provide you with a mortgage renewal offer or inform you if they will not be providing you with a renewal. You can shop around and apply for a renewal prior to this.

You should start the process of looking for a mortgage renewal 3 to 4 months before your term is due to finish. If you will be staying with your existing lender you should be able to renew up to 120 days ahead of time without penalty. If you are changing lender you can reach an agreement to switch over when the current term ends

When negotiating your mortgage renewal you can discuss changes in the payment amounts and structure with your lender. You may be able to come to an agreement that has a lower or less frequent payment structure. Similarly, you can negotiate other changes to your mortgage including any changes in the interest rate or attached insurance policies.
With a mortgage renewal lenders need to be sure that you can make payments so they assess your finances, including your credit score, total debts, and income. If your renewal is denied by your current provider you can still shop around with other providers like trust companies and private lenders.
It is better to start the renewal process early, before the term ends. It gives you enough time to search for the best mortgage rates.

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