Mortgage Renewal Checklist: What to Do Before Your Ontario Renewal

Your mortgage renewal is an opportunity to check whether your current mortgage still fits your needs. You do not have to accept an offer without comparing it. Start early so there is time to ask questions, review costs and consider options.

1. Find your maturity date

Check your mortgage statement or contract and note the renewal date. Begin reviewing options several months ahead rather than waiting until the last minute.

2. Review the whole offer—not just the rate

Compare the term, fixed or variable rate, payment frequency, prepayment privileges, portability, penalties and any fees. A lower rate may not be the best fit if other conditions do not suit your plans.

3. Revisit your goals and budget

Have your income, expenses or family plans changed? Consider whether you want to pay the balance down faster, change payment frequency, renovate, move or explore debt consolidation. Borrowing more against your home has costs and risks.

4. Ask whether switching makes sense

You can explore offers from other lenders. A switch may require an application, supporting documents, legal or registration steps, and approval. Some mortgage registrations—such as collateral charges—can involve additional costs or complications.

5. Prepare updated documents

Depending on the lender and transaction, you may be asked for identification, income documents, mortgage statements, property tax details, information about other debts and proof of assets.

6. Understand the consequences of extending amortization

A longer amortization can lower required payments but usually increases the total interest paid over time. Ask for a comparison of payment amounts and total borrowing costs before deciding.

7. Get help early if payments are becoming difficult

Contact your lender before missing payments and ask what options may be available. Consider getting independent guidance about the implications of any proposed change.

Quick checklist

• Confirm the mortgage maturity date.
• Request and read the renewal offer.
• Compare rate, term, features, fees and penalties.
• Review your budget and upcoming plans.
• Ask about costs and approval requirements if switching.
• Keep copies of the final signed documents.

← Back to the blog