Canadian planning guide · 2026
A mortgage renewal is a useful decision point, not just a document to sign. Your remaining balance, payment amount, term length, rate type and cash-flow needs may have changed since you first borrowed. Taking a little time to compare the offer can make the next term more deliberate.
Educational information · Last reviewed August 2026
Your lender must provide a renewal statement before the end of the term when the mortgage is eligible to be renewed. Read the balance, rate, term, payment frequency and any changes to the payment. Keep the document beside your own budget so you can compare the proposal with what you can comfortably pay, not only with the payment you had before.
A lower payment can result from a longer amortization, not only a better rate. Ask how much principal would remain at the end of each option and whether the payment changes if rates move. If you are considering a switch, check whether the new lender requires qualification or an appraisal and whether legal, discharge or administration costs apply.
The shortest rate is not automatically the best choice. Think about a planned move, sale, refinance, inheritance, family change or extra payments. A mortgage that is difficult or expensive to break can be a poor match for a major change in the next few years. Confirm prepayment privileges and the penalty calculation in the actual contract.
Put this into practice
This guide is for general education and planning. Confirm important decisions with the appropriate official source or qualified professional.