Mortgage renewal.
Review your options before you sign.

When should you start thinking about renewal?

• About 4 months before: locate your contract, balance and maturity date; review your plans.
• About 3 months before: compare options and prepare income documents if you may switch lenders.
• During the final month: confirm the terms, required documents, costs and completion date.

This is a planning guide, not a guaranteed rate-hold period. Federally regulated institutions must provide a renewal or non-renewal notice at least 21 days before maturity. Starting before the notice arrives gives you more time to decide.

Source: FCAC — Renewing your mortgage ↗

Renew, switch or refinance?

Mortgage renewal

You agree to a new term with your current lender.

Switch

You move to a different lender. Review the new lender’s criteria, conditions and switching costs.

Refinancing

You change the financing structure, for example to borrow more or revise the amortization. The review and costs may differ.

OSFI provides a minimum qualifying rate exemption for certain uninsured straight switches between federally regulated institutions, with no increase in amortization or loan amount other than limited eligible costs. The new lender still assesses your ability to repay. This is not a universal exemption from qualifying.

Source: OSFI — Straight-switch conditions ↗

If you want to access equity or restructure debt, also review how mortgage refinancing works.

What to look for in your renewal offer

• The mortgage: balance, remaining amortization, term length and payment frequency.
• The rate: fixed or variable, how it can change and how that affects payments or principal repayment.
• Flexibility: prepayment privileges, portability and options if you sell.
• Exit costs: the penalty method, discharge costs and any cashback clawback.
• Switching: discharge, registration, notarial or legal costs, appraisal and administration fees.

Ask what is included, covered by the lender or payable by you, and get the conditions in writing. A lower payment may result from taking longer to repay. Compare the same balance, frequency and amortization.

Compare two payment scenarios using consistent assumptions; add fees and penalties separately.

What we’ll review on our call

Have your renewal offer, recent mortgage statement and contract ready, along with the maturity date, your goals and any changes in income or debts. For a switch, the lender may request income documents, debt statements, property tax bills and an appraisal.

Based in Saint-Lambert, I also work with homeowners in Longueuil, Brossard and across Quebec by phone or video call. My role is to compare available options and their conditions. Staying with your current institution is one of the possibilities we consider.