A mortgage renewal happens when the term of your mortgage comes to an end so you can begin a new term. It occurs at the end or near the end of your current term. Your lender is required to send you a mortgage renewal statement at least 21 days before the end of your existing term.

Keeping that in mind you want to start working with a mortgage broker (like myself) a few months before your term ends to ensure you end up with the best possible rate for your new term.

Renewal Statement

Your mortgage renewal statement will be sent to you either by e-mail or mail, and will outline the same info as your current mortgage term:

• Outstanding Balance

• Interest rate for new term

• Term (number or years)

• Any applicable fees

*** It’s imperative to review your renewal statement, often lenders will automatically renew your term at a higher rate.

Be in control of your mortgage. Your lender wants to keep you as a customer, however, they're not legally bound to force you to renew with them.

If you do decide you want to stay with your current lender be sure to negotiate. This is opportunity to save money and make your mortgage work for your financial situation today.