Do I have to accept my lender’s mortgage renewal offer?
No. A renewal offer can be reviewed alongside other available options, subject to qualification, timing and any requirements associated with changing lenders.
REVIEW YOUR RENEWAL
A renewal notice is a chance to review your options.
When your mortgage term approaches maturity, you do not have to treat the lender’s renewal offer as the only option. It can be an opportunity to review rates, terms, payments, features and whether your financing needs have changed.
WHAT TO EXPECT
Start with your situation, not a product.
Mortgage options depend on factors such as the property, available equity, income, credit, existing financing and your overall objective. The right structure is specific to the borrower and the transaction.
✓Review your current lender’s renewal offer and upcoming maturity date
✓Consider your preferred payment, term and mortgage features for the next period
✓Explore renewal, transfer or refinance options where appropriate
01
Tell us your goal
Complete a streamlined Conixi request with the basics of what you want to accomplish.
02
Get connected
Conixi connects you with an appropriate licensed mortgage professional.
03
Review the options
The mortgage professional can assess your circumstances and explain financing options, costs and next steps.
UNDERSTANDING YOUR OPTIONS
Mortgage Renewal: what to consider
A mortgage renewal occurs when the current mortgage term reaches maturity and financing continues for another term. The existing lender may provide a renewal offer, but the maturity date is also a useful point to review the rate, payment, term and mortgage features you want going forward. If the amount or structure of the mortgage needs to change, refinancing may also be worth discussing.
Before choosing a structure, review:
✓The maturity date and terms offered by your current lender
✓The rate, payment and term you want for the next mortgage period
✓Whether prepayment privileges or other mortgage features have become more important
✓Plans to move, refinance, access equity or make larger payments during the next term
✓Qualification and costs that may apply if moving the mortgage to another lender
✓Whether your current mortgage still fits your income, budget and near-term plans
COMMON QUESTIONS
Frequently asked questions
When should I start reviewing my mortgage renewal?
Reviewing the situation before the maturity date gives more time to understand the current lender’s offer, compare alternatives and gather any information needed for another option.
What should I compare at renewal?
Compare the interest rate, payment, term, prepayment features and other conditions that matter to your plans rather than looking only at the headline rate.
Can I change lenders at mortgage renewal?
Potentially. Moving to another lender is subject to qualification and the details of the mortgage and property. There may also be legal, appraisal, registration or other requirements depending on the transaction.
Can I borrow more money at renewal?
Increasing the mortgage amount generally changes the transaction from a straightforward renewal to a refinance or other new financing structure.
What if my needs have changed since my last mortgage term?
Renewal can be a useful time to discuss changes in payment goals, plans for the property, debt, equity needs or other circumstances before selecting the next mortgage term.
Transparency first.
Conixi is a mortgage referral platform. We do not provide mortgages directly or offer financial advice. Mortgage availability, rates, terms and approval depend on the lender, property and applicant circumstances.
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