Mortgage Renewal

While most Canadians spend a lot of time, and expend a lot of effort, in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals.

By omitting proper consideration at the time of renewal, this practice costs Canadian citizens thousands of extra dollars every year. Nearly 60% of borrowers simply sign and send back their renewal that is first offered to them by their lender without ever shopping around for a more favourable interest rate.

Don’t Accept First Offer

Accepting your lender’s first renewal offer without negotiation can cost you significantly, so it’s important to compare rates early and take control of your mortgage renewal timeline to secure better savings.

Never accept the first renewal rate without comparing options.

Lack of negotiation can lead to paying higher interest costs.

Start shopping 4–6 months before your term expires.
Track your renewal timeline to avoid rushed decisions.

Track your renewal timeline to avoid rushed decisions.

Shop Before Renewal

Before your lender even contacts you about renewing, working with a mortgage professional to explore better rates and terms can help you save significantly and make smarter financial decisions.

Start comparing options before your renewal notice arrives.

Your mortgage is a major expense—small rate differences mean big savings.

Shopping around can save thousands over the life of your loan.

Avoid automatically signing renewal offers without reviewing alternatives.

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Contact

Carina Shnorhokian

Mortgage Agent Level 2

Originator Licence #M22002878

[email protected]
Tel: 647-400-6040 Cell: 647-400-6040