Understanding Mortgage Renewals

A mortgage renewal is a process that takes place at the end of your mortgage term. This is when you have the option to renew your mortgage with your current lender or switch to a new lender with better rates or terms. Here’s what you need to know about mortgage renewals to save money and hassle. 

1.Start the renewal process early

It’s important to start the renewal process early, ideally 120 days before the end of your mortgage term. This will give you enough time to shop around for better rates and terms and negotiate with your current lender. 

2.Don’t automatically renew with your current lender

While it may be convenient to renew with your current lender, it’s important to shop around and compare rates and terms from other lenders. This can help you save money on interest and potentially lower your monthly mortgage payments. 

3.Negotiate with your current lender for mortgage renewals

If you decide to stay with your current lender, don’t be afraid to negotiate for better rates or terms. Your lender may be willing to offer you a better deal to keep your business. 

4.Consider your financial goals

When renewing your mortgage, consider your financial goals and how they may have changed since you first took out your mortgage. For example, if you now have a higher income, you may be able to afford larger monthly payments and pay off your mortgage faster. 

5.Review your mortgage contract for mortgage renewals

Before renewing your mortgage, review your mortgage contract and ensure that you understand all the terms and conditions. This can help you avoid any surprises or unexpected fees later on. 

6.Get professional advice for mortgage renewals

Working with a mortgage broker or financial advisor can help you navigate the renewal process and find the best mortgage options for your needs. They can also provide valuable advice on how to save money and avoid potential pitfalls. 

7.Consider prepayment options

If you have extra cash, consider making prepayments towards your mortgage. This can help you save money on interest and pay off your mortgage faster. 


Understanding mortgage renewals is essential to save money and hassle. Starting the renewal process early, shopping around for better rates, negotiating with your current lender, considering your financial goals, reviewing your mortgage contract, getting professional advice, and considering prepayment options can all help you make informed decisions and save money on your mortgage. Contact a mortgage broker or financial advisor for more insights and advice on how to renew your mortgage. 

Contact Capital Mortgages today to learn more about refinancing and how we can help you save money on your mortgage. Our team of experienced mortgage professionals is here to help you navigate the process and to find the mortgage solution that best meets your needs. Whether you are looking to lower your monthly payments, pay off your mortgage faster, or access equity in your home, we can help you explore your options and find the best mortgage solution for your unique situation. So, if you are thinking about refinancing your mortgage in Canada, don’t hesitate to contact us today! 


We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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