Mortgage Renewal Process
Look around before you sign your next renewal.
If your mortgage agreement is with a federally regulated financial institution such as a bank, the lender must provide you with a renewal statement at least 21 days before the end of the existing term. The statement must contain the following information: Interest rate, payment frequency, term, and effective date. A mortgage renewal agreement may be combined with the statement.
At this time it is your choice whether you’d like to renew with the same lender, or shop around.
Start shopping around approximately four months prior to the mortgage term expiry date.
Take an active approach to finding the mortgage that best meets your needs. Ask the following questions when you start shopping around:
- Are you satisfied with the services offered by your current lender?
- Does your household budget allow you to increase your mortgage payments so you can pay off your mortgage faster?
- Do you want to change your payment frequency?
- Can you make the payments?
- Do you want to consolidate other debts that have higher interest rates?
- Do you need money for renovations?
How A Mortgage Broker Can Help
Mortgage brokers have access to many lenders and can provide you many competitive options when renewing your mortgage.
Finding a Broker
AMBA members are the best in the business and adhere to strict ethical rules and regulations determined by the association.
Use our Find a Broker directory to search for an AMBA Mortgage Professional to help you with your mortgage.