When your mortgage term comes to an end, it’s easy to think the simplest thing is just to sign the renewal form from your bank. After all, you’ve made your payments on time, you’ve built some equity, and life is busy—why overcomplicate things?
But here’s the truth: blindly renewing your mortgage without reassessing your options can cost you thousands over the next term. I know this because I’ve worked with dozens of homeowners who didn’t realize they had negotiating power—or a better option—until they spoke to someone who could help guide them through it.
A mortgage renewal is more than just signing on the dotted line. It’s a chance to reassess your financial goals and ensure your mortgage aligns with them. Whether you want to lower your monthly payments, pay off your home faster, or tap into your equity, renewal time is the ideal window to make those decisions.
Here’s the mistake many people make: they treat mortgage renewal as an administrative task instead of a strategic opportunity.
Without reassessing your current interest rate, loan structure, or lender, you’re likely accepting a rate that isn’t competitive—or worse, doesn’t fit your life anymore.
Before signing that renewal notice, ask yourself these three questions:
If you're unsure how to assess your answers, watch the full video for a breakdown of how I evaluate these questions with my clients.
One of my recent clients—a self-employed buyer—was offered a standard renewal package from their bank. But after reviewing their updated income documents and understanding their long-term goals, we refinanced with a new lender, dropped the interest rate by over 1%, and freed up capital to invest in their business.
Another client, a first-time homebuyer approaching their first renewal, assumed their initial lender was their only option. After a quick consultation, we found a lower rate with another lender, shaved hundreds off their monthly payments, and set them up with a flexible plan that allowed for faster principal repayment.
The bottom line? Whether you're self-employed, renewing for the first time, or nearing retirement—there’s rarely a one-size-fits-all solution. The best outcomes happen when you evaluate your renewal strategically.
To make the most of your mortgage renewal, here’s a simple three-step framework:
Most lenders allow you to lock in a new rate up to 120 days before your current term ends. Use this time wisely. Waiting until the last minute gives your lender the upper hand—and leaves you scrambling.
Yes, rates matter. But so do prepayment privileges, portability, penalties, and lender reputation. A lower rate with strict penalties can actually cost more in the long run. Work with someone who can compare the full picture.
Planning to renovate? Looking to invest? Trying to become debt-free faster? Your mortgage should support those goals—not work against them. This is where a proper review with an expert pays off.
Need help walking through this process? Book a free 15-minute consultation and I’ll help you figure out what matters most based on your current stage of life.
If you’re a first-time buyer facing your first renewal, this can feel overwhelming. Maybe your income has gone up, or you're starting to think about upgrading. Maybe you’re not even sure what your options are.
To support buyers just like you, I’ve created the First-Time Homebuyer (FTHB) Course—a comprehensive guide that walks you through every step of the homeownership journey. While it’s designed for new buyers, it also helps homeowners understand how to manage future decisions like refinancing and renewal with confidence.
You can check out the course here, and use it to ensure you never feel stuck or confused again.
With interest rates fluctuating and the housing market shifting across Canada, the timing of your renewal matters. Locking in the right mortgage strategy now can save you from costly surprises later.
If you wait too long—or assume your lender is giving you the best deal—you may miss out on better options. Taking action early gives you more leverage, more choices, and more clarity.
Renewing your mortgage is one of the most important financial decisions you’ll make—don’t treat it like a routine formality. By asking the right questions, evaluating your goals, and comparing smart options, you can turn a routine renewal into a powerful financial move.
Here’s what you can do next:
Let’s make sure your next mortgage decision moves you forward, not backward.
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604-262-3500
info@getflowmortgage.ca