Mortgage Renewal in Sainte-Julie, QC

What Is a Mortgage Renewal?

When your mortgage term ends, you must either pay off your balance in full or renew. Your lender is required to send you a renewal statement at least 21 days before your term ends, as specified by the Financial Consumer Agency of Canada. That statement includes a rate offer. You can accept it, negotiate it, or take your mortgage to a different lender entirely.

Your term is not the same as your amortization. Your amortization is the full life of your mortgage, typically 25 years. Your term is the shorter contract period, usually 1 to 5 years. Most homeowners renew several times before their mortgage is paid off. Each renewal is a chance to save money, or to give it away quietly.

Is This the Right Time to Review Your Mortgage?

This service is for you if:

• Your renewal is coming up in the next 120 days
• You signed your last renewal without shopping around
• Your financial situation has changed since you first took out your mortgage
• You want to know whether you're actually getting a competitive rate

If you're a newer homeowner approaching your first renewal, it's worth understanding what the home-buying process set you up for. Renewal is a natural checkpoint to reassess everything.

The 120-Day Window: Why Waiting for the Letter Is Too Late

Here's the thing most people don't know. You don't have to wait for your renewal letter to start shopping.

Most lenders will let you lock in a rate up to 120 days before your term ends. If rates drop after you lock in, you still get the lower rate. If rates rise, yours stays the same. Either way, you're protected while you take your time.

But if you do nothing? The FCAC is clear about this: your renewal may happen automatically at whatever rate your lender decides to offer. The renewal letter is not the beginning of the opportunity. By the time it arrives, weeks of it are already gone.

Why Your Lender's Renewal Offer Is Rarely Their Best

Your bank sends you one rate. Take it or leave it.

I work with over 20 lenders, my mission is to find you the rate your current lender hoped you wouldn't ask about.

In my experience, most homeowners assume their lender will reward their loyalty at renewal. They don't. Lenders know that most people renew out of habit. That's exactly why the offer in the renewal letter usually isn't their most competitive one.

And this service costs you nothing. Brokers are paid by the lender once your mortgage closes*. Nothing comes out of your pocket.

If you're also considering pulling equity out of your home, it's worth knowing how mortgage refinancing and renewal can work together. Sometimes it makes sense to look at both at once.

Let's look at your renewal before you sign anything.

*Certain conditions apply.