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Mortgage Renewal Tips: How to Renew your Mortgage and Get a Better Rate

Your mortgage term is coming to an end which means your mortgage is up for renewal and it’s time to re-negotiate your rate (groan). Trust us when we say, look at this time as an opportunity. Here’s our steps to prepare you for your mortgage renewal, so that you’ll get through it like a pro (and hopefully with some savings in hand!).

34% of those who most recently renewed or renegotiated their mortgages did so before their term expired. The average time to pay off a mortgage is 7.4 years less than the original amortization. Now that's savings! Source: CAAMP.

Step One: Compare the Market

Around 120 days before your renewal date, you should start looking at your mortgage options and begin to compare the market. Comparing the market not only gives you leverage to negotiate a better rate, but you might just find a better deal with a different lender.

Compare the Market. Use our Mortgage Comparison Tool by entering your mortgage value, mortgage type, and term to find and compare the best rates for you.

Step Two: Ditch your Renewal Letter

Now, if there is only one piece of information that you take away from this article then make it be this, never (ever) sign the renewal letter you receive in the mail from your lender.

Never sign the renewal letter that you receive in the mail from your lender.

Seriously. Your lender will never send you their best offer the first time around, and there are other lenders who might be offering lower rates or better products. We know it’s ever so tempting to simply sign the offer and send it back without having to worry about renegotiating your mortgage BUT when you consider the thousands of dollars you could be saving, it’s simply not the wise thing to do.

Step Three: Speak to a Mortgage Specialist

Speak to a mortgage specialist about your current situation other than your current lender. Getting a second opinion is a great way to get a better idea of your options (and heck – you might even end up getting a better offer!).

Step Four: Track the Date for your Next Renewal

Once you’ve successfully renegotiated your rate (and figured out what to do with all the money you saved), be sure to track the date of your next renewal. Time flies – and surely it will sneak up on you faster than you think.

Need help remembering your mortgage renewal date? If you can barely remember what you had for breakfast, you have little chance of remembering when your mortgage is up for renewal. Let us help. Sign up for our mortgage renewal reminder service and we'll remind you 120 days before your mortgage is up for renewal.

If you can barely remember what you had for breakfast, you have little chance of remembering when your mortgage is up for renewal. Let us help. Sign up for our mortgage renewal reminder service.


The RATESDOTCA editorial team are experienced writers focused on sharing stories and bringing you the latest news in insurance and personal finance. Our goal is to provide Canadians with the information and resources they need to make better insurance and financial decisions.

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