What is mortgage renewal in Canada and when should I start?
Updated: February 28, 2026CanadaFAQPrivate lending
Quick Summary
Renewal is when your mortgage term ends and you choose a new term and rate (with the same lender or a new one). Many borrowers start planning 3–6 months before maturity.
Renewal is your main chance to renegotiate your mortgage without selling the home.
What you can do at renewal
- Accept your lender’s offer.
- Negotiate rate, term, and features.
- Switch lenders (may require re-qualification and legal steps).
When to start
Many lenders allow renewal discussions months before maturity. Starting early gives you time to compare offers, gather documents, and avoid last-minute pressure.
Common mistakes
- Automatically signing without comparing.
- Ignoring penalties or fees if you break early to switch.
- Choosing a term length that doesn’t match your likely timeline.
If you are coming out of a Private Mortgage, plan early because appraisals and documentation can take time.