Your Mortgage Renewal Is a Decision, Not a Default
Whether your mortgage is coming up for renewal or you're still in your current term, you may have more options than you think.
More Than Just Signing the Renewal
Most homeowners simply sign the offer their lender sends at renewal.
But that offer is only one option — not necessarily the best one.
Taking a closer look at the right time can uncover opportunities that aren't immediately obvious.
Renewing vs. Switching
At renewal, your existing lender will offer you new terms.
Switching means moving your mortgage to a different lender — either at renewal or, in some cases, before your term ends.
The right decision depends on timing, penalties, and whether the numbers actually work in your favour.
What to Consider
When It May Make Sense to Switch
Switching isn't always about chasing a lower rate.
In some cases, it may make sense when the savings outweigh the cost of breaking your current mortgage, your current mortgage no longer fits your needs, or you want to restructure for future flexibility.
The key is understanding the full picture before making a move.
Common Mistakes to Avoid
Automatically signing your renewal offer
Focusing only on rate without considering structure
Not reviewing options early enough
Assuming switching is complicated or not worth it
Helpful Tools & Resources
Run Your Numbers
Use the calculator to compare scenarios and understand potential savings.
Go to Calculators →Understand Your Credit
Your credit profile can impact both approval and pricing.
You can check your score through Equifax or TransUnion.
Understand Penalties
Breaking a mortgage early can involve costs. For general guidance, refer to the Financial Consumer Agency of Canada (FCAC).
Learn About Penalties →Renewal & Switching — FAQs
Not Sure What the Right Move Is?
Every situation is different. Whether you're approaching renewal or considering a change before your term ends, we can walk through your options and determine what actually makes sense.