Here are some mortgage renewal facts to help clear up some of the common misconceptions about mortgage renewal:
  1. You do not have to renew your mortgage with your initial lender.
  2. You are free to hire a mortgage broker to help you find the best rate and terms for your new loan.
  3. Your initial lender must inform you of the decision to renew or not to at least 21 days before the mortgage expiration date.
  4. Any discounts you have received for adding life, disability or home insurance or an additional line of credit from your lender or its affiliates won’t automatically transfer or be renewed.
  5. Likewise, if you have transferred your portfolio to reduce your payments, this will not automatically be renewed or transferred to the new loan.
  6. A lender cannot pressure you into purchasing a financial package as a condition of mortgage acceptance. This is called “coercive tied selling” and should be reported to the Federal Consumer Agency of Canada – 1.866.461.3222.
  7. The items on your renewal contract should remain the same — unless your financial institution has sent you a notice, in writing, thirty days prior to the anticipated changes.
  8. Your current credit rating will impact the availability of good interest rates. Late or no pays can lower your credit rating and reduce your chances of securing a good interest rating. For more on how your credit rating impacts your mortgage rate see the Credit 101 section.
  9. As long as you have all your paperwork in order, such as your income verification papers, insurance, appraisal, the title, the mortgage statement and charge, etc., a renewal will only take 3-5 business days.
  10. Preparing for renewal takes good planning. If you want to make sure you get the best rate, you should be beginning looking around about four months prior to your mortgage expiration. can help match you to the mortgage broker that best suits your mortgage renewal needs. Not only can we help find the broker with the best rates, all our brokers are consumer rated so you can be assured you are dealing with a well-seasoned professional. This can help you avoid the pitfall of automatic, costly renewal and help ensure that you are in the best position to meet your personal and financial goals.