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The Mortgage Renewal Process

When your mortgage term is over, it’s time to begin the mortgage renewal process. Mortgage terms are usually 5 years, so at the end of your 5 years your mortgage broker should be in touch to give you information on your renewal. Remember that the end of a mortgage term is when you can change lenders, or if you were dealing with the bank beforehand you can hire a mortgage professional to work on your case. When renewing your mortgage, it’s important to remember that this is the time in which you can change your payment options, discuss new financial goals, and revise your mortgage strategy. If you don’t have a mortgage strategy, call Tim and he’ll be happy to discuss how you can optimize your finances. Your mortgage provider will automatically send you a renewal offer which you can easily send back, but we highly suggest checking in with your broker to discuss any changes and new developments in your case. We suggest the following steps that will enable you to be proactive with the mortgage renewal process.

Set A Reminder 5 Months Before Your Mortgage Renewal Date

Mark your calendar or set a reminder on your phone anytime in your last year and definitely 5 months before your mortgage renewal date. That’s the day that you can begin the early mortgage renewal process. This means you can start protecting rates 4 months out from your renewal date. This is a good time to speak to your mortgage broker about your options. Since you got your mortgage 5 years ago or since your last renewal time much has changed in your life! This is an opportunity to shop around and explore your best options.

Optimize Your Finances

Since your last renewal date your financial situation might have changed. Your goals could be different, you might be needing a new plan or a new strategy. You could have got a promotion, started a family, sent a kid off to college, even lost some income. Your mortgage renewal options will have a huge impact on your life moving forward and make no mistake – there are tons of options for you!

Consider Your Mortgage Needs

When considering your mortgage renewal options it’s not only important to know what your financial goals are moving forward in your life, but it’s important to understand your mortgage needs. There are several questions you should ask yourself when considering your mortgage needs in the mortgage renewal process…

Does your financial situation allow you to increase your payments for the next full term?

Do you have the opportunity to pay off your mortgage completely in your next term?

Will you need to borrow more money from your lender during the period of this next term?

Will you be selling your home, moving, or purchasing a new home during your next mortgage term?

Final 30 Days

In the final 30 days you should have a good grasp of what your plan is for your next mortgage term. Your current lender is required by law to send you your renewal reminder 21 days before the renewal date. It’s of utmost importance to speak with your mortgage broker during this time. If you haven’t prepared before your renewal date then it’s crunch time! Get in to see your mortgage broker immediately to make sure everything runs smoothly.

Changing Providers?

If you’re in a situation where you want to change lenders or mortgage brokers, the renewal process is the time to do it. Speak with Tim about your options and how you can implement and optimize your mortgage strategy.

Fill in the form below to receive reminders about your mortgage renewal date:

  • Date Format: MM slash DD slash YYYY


Are you in one of the demographics that these new mortgage rules will affect? Don’t hesitate to ask me any questions.