Renewals · 6 min read
What Most Homeowners Miss at Renewal Time
Your renewal letter is not a recommendation. It's an invitation to negotiate - or to leave. Here's what to consider before you sign.
Most Canadian homeowners renew their mortgage with the same lender, often at a rate that is materially higher than what's available across the broader market. The renewal letter is designed for convenience, not optimization.
Three weeks before your mortgage matures, your lender will typically send a posted rate offer. By that point, your options have narrowed. The right time to begin a renewal conversation is 120 to 180 days before maturity - long enough to compare offers, lock a rate hold, and structure a switch if needed.
Beyond rate, renewal is the moment to revisit amortization, payment frequency, and whether a fixed or variable structure suits the next five years of your life. A small change to amortization can quietly add tens of thousands of dollars in interest over the life of the loan.