Your renewal is one of the best opportunities to save money — but only if you shop around. I compare 40+ lenders so you're never just stuck with whatever your bank offers.
Mortgage Renewal in Medicine Hat, Alberta
Your Mortgage Renewal Is More Important Than You Think
Most Canadians simply sign whatever renewal their bank sends them in the mail. It's easy, it's familiar — and it almost always means leaving money on the table.
Your mortgage renewal is one of the most significant financial decisions you'll make on a recurring basis, and you have more options than your current lender wants you to know about. I'll shop the market across 40+ lenders on your behalf, so you're renewing at the best possible rate and terms — not just the most convenient ones.
When your mortgage term ends — whether that's after 1, 2, 3, or 5 years — your mortgage comes up for renewal. This means you'll need to either sign a new term with your existing lender or move your mortgage to a different lender who is offering better terms.
Your outstanding balance, amortization period, and payment schedule all carry forward — what changes is your interest rate and the conditions of your new term. It sounds simple, but the difference between a good renewal and a great one can be thousands of dollars over the life of your mortgage.
What Is a Mortgage Renewal?
-
Whether fixed or variable, I'll compare what's available across 40+ lenders and find the most competitive rate for your situation and risk tolerance.
-
If your life circumstances have changed — you're thinking of selling, or you expect rates to shift — you might want a shorter or longer term than your last one. We'll talk through what makes sense for where you're headed.
-
Renewal is also the ideal time to refinance — access your home equity, consolidate debt, or restructure your payments. Rolling a refinance into your renewal avoids prepayment penalties and simplifies the process.
-
Want to pay your mortgage off faster? Renewal is a good time to increase your payment frequency or bump up your payment amount within your new term's prepayment privileges.
What Can Change at Renewal?
When Should You Start Thinking About Your Renewal?
Earlier than you think. Most lenders will send you a renewal offer 30 days before your term ends — but by that point, your options are limited. I recommend starting the conversation 4 to 6 months before your renewal date. Here's why:
Many lenders will lock in a rate for up to 120 days. Starting early means you can secure today's rate while still having time to shop around and compare.
Rate Holds
At renewal, you can move your mortgage to a new lender without paying a prepayment penalty — but only if the timing is right. Moving too early can trigger significant penalties. I'll help you time it properly.
Penalty-Free Switches
The earlier you start, the more leverage you have. Lenders know that renewal time is when they're most at risk of losing your business — that's when they're most motivated to offer competitive terms.
Room to Negotiate
Fixed vs. Variable — What Should You Choose at Renewal?
This is one of the most common questions I get, and the honest answer is: it depends on your situation.
Fixed rate mortgages give you certainty. Your rate and payment stay the same for the entire term, which makes budgeting predictable. If rate stability matters to you — especially in an uncertain rate environment — fixed can be the right call.
Variable rate mortgages fluctuate with the Bank of Canada's prime rate. Historically, variable rates have saved borrowers money over time, but they come with uncertainty. If you have flexibility in your budget and a longer time horizon, variable can be worth considering.
There's no universal right answer. I'll look at your financial situation, your goals, and the current rate environment and give you an honest recommendation — not just the option that's easiest to sell.
Frequently Asked Questions — Mortgage Renewals
-
Usually yes, but typically at a posted rate that's higher than what's available in the market. Letting your mortgage auto-renew without shopping around almost always means paying more than you need to.
-
Absolutely — and more people should. Switching lenders at renewal is one of the simplest ways to save money, and it's far less complicated than most people expect. I handle the process on your behalf and most switches involve minimal paperwork for you.
Your current lender is counting on the fact that switching feels like a hassle. It isn't — especially with someone managing it for you.
-
Switching lenders requires a new mortgage application, which includes a credit check. The impact on your credit score is typically minimal, especially when weighed against the savings from a better rate.
-
Generally no — at renewal, prepayment penalties don't apply. There may be minor administrative fees, but these are often covered by the new lender as an incentive. I'll be upfront about any costs before you commit to anything.
-
Don't sign anything until you've talked to me. Your lender's renewal offer is a starting point, not the final word. Even if we end up staying with the same lender, having competing offers in hand almost always results in better terms.
-
Ideally 4 to 6 months before your renewal date. That said, even if your renewal is coming up soon, reach out — there's almost always something I can do to improve your situation.
-
Sometimes — but breaking your mortgage early can trigger prepayment penalties that outweigh the savings. I'll run the numbers for you honestly so you know whether it makes financial sense before you make any decisions.
Still have questions? Take a look at the FAQ or reach out anytime.
What If Your Situation Has Changed Since You First Got Your Mortgage?
Life changes — and your mortgage should reflect where you are now, not where you were five years ago. Whether your income has changed, your family has grown, you're self-employed now, or you're thinking about what retirement looks like, your renewal is a natural checkpoint to make sure your mortgage still fits your life.
If your credit or financial situation has changed in ways that might complicate renewal, I'll let you know what to expect and help you navigate it — no surprises.
Your renewal letter is not a formality. It's an opportunity — and one that only comes around every few years. Let me make sure you're making the most of it.