Ontario mortgage help
Mortgage renewal in Ontario
A renewal is a chance to compare the payment, total interest, features, and switching costs before accepting a new term.
What to do first
Confirm the maturity date, remaining balance, amortization, payment frequency, and renewal offer.
Decide whether you need to change the mortgage amount, amortization, payment schedule, or features.
Compare offers on the same balance, amortization, payment frequency, and term.
Ask your current lender whether it will improve its offer before you sign.
Important considerations
Start before the letter arrivesFCAC recommends shopping a few months before maturity. Federally regulated lenders must provide a renewal statement at least 21 days before the term ends.
A lower payment may cost moreExtending the amortization can reduce the payment while increasing total interest and slowing principal repayment.
Switching requires approvalYou do not have to stay with the same lender, but a new lender must approve the application and switching may involve legal, appraisal, discharge, or administrative costs.