Renewal and switch mortgages

Lenderoo is here to help get you the best renewal/switch mortgage. We shop over 57 lenders to get you the best rate!

What is a renewal mortgage?

Once your mortgage term is over, you can either renew and sign on for a new term or pay the remaining balance in full. Your lender will send you a notice of mortgage renewal 21 days before the end of your current mortgage term. You can choose to sign a new agreement to continue your mortgage, negotiate for a better contract, or look for a new lender.

Renewing your mortgage is the best time to review your needs and shop for the best mortgage for your current financial situation.

Mortgage renewal lenders

Not all lenders are the same. Find the right mortgage renewal lender that offers the best interest rates with conditions that meet your personal and financial situation.

Steps to renewing your mortgage

Once your mortgage term is completed, you’ll need to renew your mortgage. See our step-by-step guide to a mortgage renewal:

1. Review your budget and needs – Take a look at your personal and financial situation and determine if your mortgage needs have changed.

2. Start shopping early – Research mortgage rates in the market around two months before your current term comes to an end.

3. Receive your renewal statement – Review the renewal statement provided by your lender, which should be provided to you 21 days before the end of your term.

4. Apply for mortgages – Contact other lenders who may have lower rates than your current lender and apply to qualify for mortgages.

5. Compare terms and conditions – Choose the lender that offers you terms and conditions that suit your needs, whether that’s your current lender or another one.

6. Make a decision – Decide on whether you want to stay with your current lender or switch lenders. If you’re staying with your current lender, don’t be afraid to use your other offers to negotiate for a discounted rate.

7. Finalize the paperwork – Either sign a renewal agreement with your current lender or complete a mortgage application with a new lender and make the switch.

Mortgage renewal frequently asked questions

Should I find a new lender?

While it’s not required to find a new lender when renewing, it’s highly recommended to at least compare rates from different lenders. One of the most common mistakes when renewing is signing a new agreement without shopping around for a better rate. This often leads to the borrower paying more money in interest rates over time.

Do I need an appraisal?

If you’re switching providers, some lenders may require you to get an appraisal to confirm the value of your property.

Do I need to pay legal fees?

When renewing your mortgage, you don’t need to pay legal fees unless you’re switching mortgage providers. However, most lenders will cover this cost.

Can I access home equity?

No, when renewing your mortgage you cannot take out equity. If you want to take equity out of your home, you will need to refinance your mortgage.

What other fees are there to consider?

If you’re switching lenders, there are fees that you may need to pay, such as appraisal fees, assignment fees, discharge fees, and other administration fees. Some lenders may also be willing to pay for some of these costs when you switch.

Can I select a different mortgage term?

Yes, during the mortgage renewal process you can choose a different mortgage term. When looking at your current mortgage needs, it’s important to consider the length of term, along with interest rates.

Are you ready to
get started?

Whether you’re applying for a mortgage pre-approval or financing for your second home, Lenderoo makes it easy to compare your options from coast to coast.

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