Mortgage Renewal – A Fresh Opportunity to Save

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Mortgage renewal is when your current mortgage term ends (e.g., after 1, 3, or 5 years) and you renew your contract for a new term. You’ll either stay with your current lender or switch to a new one — ideally with better terms, a lower rate, or improved flexibility.

Most lenders send a renewal offer with little effort on your part — but don’t accept it blindly!
By shopping around or working with a mortgage advisor, you can:

• Secure a lower interest rate
• Change your mortgage type (e.g., fixed to variable)
• Adjust your payment schedule or term length
• Access home equity for renovations, investments, or debt consolidation
   

Start looking 120–150 days before your term ends. This gives you time to explore your options, compare rates, and avoid penalties or last-minute decisions.

Life changes — and your mortgage should reflect that. Whether you've started a new job, had kids, paid down debt, or want to renovate, mortgage renewal is a perfect time to align your loan with your lifestyle.