FSRA License #13667
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Overview
Renewal time already? That was fast. Set a reminder so you don't leave money on the table.
Most Canadians accept their bank's renewal offer without shopping - costing thousands over the term. Set a free reminder and we'll notify you 120 days before your maturity date - the optimal window to rate-shop, lock a rate hold, or plan a switch.
With over 1.2 million Canadian mortgages coming up for renewal in a typical year, and many homeowners facing higher rates than when they first signed, proactive renewal planning has never mattered more.
How It Works
Sign Up
- First name
- Email address
- Renewal date (month/year)
- Current lender (optional)
- Phone (optional)
Automated Email Sequence
| Timing | Message |
|---|---|
| 120 days out | "Time to shop your renewal - here's what to do" |
| 90 days out | "Have you compared rates? Use our renewal calculator" |
| 60 days out | "Lock your rate hold before maturity" |
| 30 days out | "Final reminder - book your discovery call" |
Why 120 Days Matters
Most lenders offer rate holds 90-120 days before maturity. Starting early gives you:
- Time to compare bank vs. broker rates
- Leverage to negotiate with your current lender
- Option to switch lenders penalty-free at maturity
- Runway for refinancing if equity access is needed
- Protection if rates rise - early lock-in secures today's rate
Legal requirement: Federally regulated lenders must send a renewal statement at least 21 days before your term ends. Don't wait for that letter - by then you've lost weeks of shopping time.
Mortgage Renewal Timeline
| When | What To Do |
|---|---|
| 6 months before | Review financial goals - renewal or refinance? |
| 120 days before | Start rate shopping; contact a mortgage broker |
| 90-120 days before | Receive renewal offer from current lender |
| 90 days before | Compare offers; negotiate or switch |
| 60 days before | Lock in rate hold with chosen lender |
| 30 days before | Confirm paperwork; book lawyer if switching |
| Maturity date | New term begins - or switch completes |
Renewal vs. Refinance
| Renewal | Refinance | |
|---|---|---|
| What changes | New rate and term on existing balance | May change amount, lender, or structure |
| When | At end of current term | Anytime (may trigger penalty) |
| Best for | Rate shopping at maturity | Accessing equity, debt consolidation, major changes |
| Penalty | None if at maturity | May apply if mid-term |
Ask yourself: *Am I renewing my rate, or do I need to access equity, consolidate debt, or change my mortgage structure?* If the latter, explore refinancing before accepting a simple renewal.
Don't Make These Mistakes
1. Automatically accepting your lender's first offer - Banks rarely offer their lowest rate upfront. Always negotiate and compare.
2. Waiting until the last minute - Start shopping 120 days in advance to avoid pressure decisions.
3. Ignoring the stress test - If switching lenders, you must re-qualify at the stress test rate (contract rate + 2% or 5.25%, whichever is higher).
4. Forgetting about prepayment options - Compare lump-sum privileges and payment increase allowances, not just the rate.
5. Doing nothing - If you don't take action, your lender may automatically renew your mortgage - often at a non-competitive rate.
What Your Renewal Offer Should Include
When your lender sends a renewal statement, review:
- Interest rate offered (fixed or variable)
- Term length options (1, 2, 3, 5 years)
- Payment amount and frequency
- Prepayment privileges (lump sum, payment increases)
- Whether renewal is automatic if you don't respond
- Whether the offered rate is guaranteed until maturity
Use competing offers from other lenders as leverage when negotiating with your current bank.
Rate Strategy in 2026
- Short-term fixed (1-3 years): Flexibility to renew when rates may be lower
- 5-year fixed: Payment certainty; popular with Canadian homeowners (~70% hold fixed rates)
- Variable rate: Tied to Bank of Canada policy rate; payments may stay fixed while rate fluctuates
- Early rate lock: Many lenders let you lock 120 days ahead - valuable if rates are trending up
→ Renewal Payment Calculator · Compare & Save Calculator · Mortgage Renewal Service
Frequently Asked Questions
Is this free?
Yes - no cost, no obligation. We send reminders because clients who shop save money.
Will you spam me?
No - you'll receive 3-4 emails around your renewal window only. Unsubscribe anytime.
How early can I renew my mortgage?
Most lenders allow renewal or rate holds starting 120 to 180 days before your term ends, without a prepayment penalty.
Can I switch lenders at renewal?
Yes - switching at maturity avoids break penalties. Switching mid-term may trigger a prepayment charge.
Do I need to re-qualify if I stay with my bank?
Usually not for a straight renewal. Switching lenders triggers full re-underwriting.
What if my lender won't renew?
Federally regulated lenders must notify you 21 days before term end if they won't renew. A mortgage broker can help find alternative lenders.
Black Knight Capital Inc. · FSRA License #13667 · OAC. For general education only - not tax, legal, or lending advice. Not a commitment to lend.
