Mortgages · Renewal
A renewal is negotiated, not signed by mail.
The renewal letter your lender sends is rarely the best it can do. Moving to another lender stays possible, and the new one often covers the cost.
What this page covers
The points to look at
- 01The window to shop without penalty before the term ends.
- 02Straight transfer or refinance: two operations, two costs, two files.
- 03What a lender can adjust without you leaving the institution.
What the lender does not remind you of at maturity
| Item | Why it matters | What to do |
|---|---|---|
| Renewal offer | It arrives months before maturity and often repeats the posted rate, not the best the lender can give. | Compare it to at least one other written offer. |
| Switching lender | At maturity you can leave without a penalty; the new lender often covers the transfer costs. | Ask who pays for the appraisal and the notary. |
| Term and amortization | Renewing does not force you to keep the same term or the same remaining length. | Pick the term for your plans, not out of habit. |
| Payment | A higher rate at renewal raises the payment, or lengthens what is left. | Simulate the payment before you answer. |
Ask before you renew
- 1.Is this rate negotiable, or only the one in the offer I received?
- 2.Can I switch lender at maturity with no exit fee?
- 3.What happens to my penalty if I sell before the new term ends?
- 4.Does the new term allow a yearly lump-sum payment on the principal?
Guides
Read next
// Mortgages
Choose a Mortgage Term That Fits the Household Plan
How to connect contract length with a possible move, the need for stability, early-exit penalties and the next renewal.
// Mortgages
Mortgage Renewal: Start Comparing at the Right Time
Note your maturity date and start comparing rates before the lender’s renewal notice arrives.
// Mortgages
Switch Lenders at Renewal: Documents and Timing
Prepare the exact balance, maturity date, income evidence and property value to switch lenders without missing the deadline.
Frequently asked
What people ask most
It can hold the rate and payment steady for longer. It can also make an early exit more expensive or clash with a likely sale. It depends on what you want to protect: the monthly payment, mobility, the ability to refinance or family timing. Compare the stability with the penalty and portability clauses.
Put numbers on your decision
Open the calculatorsFor information only: not an approval, and not a rate offer.
A question about your situation?
A Quebec broker answers, with no commitment.