As 2026 unfolds, many homeowners across Ottawa, Kanata, Barrhaven, and Orleans are approaching an important financial decision. Mortgage terms signed years ago are ending, and renewal notices are landing in mailboxes. While renewal may seem like the obvious next step, refinancing has become an increasingly popular option during this major renewal year.
At Capital Mortgages, we help homeowners understand the difference between renewing and refinancing so they can make confident, informed decisions. This guide breaks down both options clearly and explains how to choose the right path for your situation in February 2026.
Understanding Mortgage Renewal in 2026
Mortgage renewal occurs when your existing term ends and you continue with a new term. In most cases, lenders send a renewal offer outlining updated terms and request a signature. While this process feels simple, it does not always reflect your current financial reality.
Many homeowners in Ottawa renew out of habit or convenience. However, life often looks very different than it did when the original mortgage began. Income may have increased, debts may have changed, or long-term goals may have shifted.
Renewal works best when your mortgage structure still aligns with your needs. However, when circumstances change, renewal without review may limit flexibility. That’s why 2026 is the ideal time to pause and reassess before signing anything.
What Refinancing Offers Ottawa Homeowners
Refinancing replaces your existing mortgage with a new one. This process allows homeowners to restructure their mortgage based on current goals rather than past circumstances.
Homeowners in Barrhaven and Orleans often refinance to consolidate debt and simplify monthly finances. In Kanata, refinancing can support renovations or future planning. Each situation is unique, and refinancing provides the flexibility to adapt.
Unlike renewal, refinancing involves a full review of your mortgage. This allows you to adjust payment structure, access home equity, or align your mortgage with long-term plans. While it requires more planning, the benefits can be significant when done strategically.
How to Decide Between Renewal and Refinance
Choosing between renewal and refinancing starts with understanding your current priorities. Instead of focusing on paperwork, focus on purpose.
Ask yourself a few simple questions. Has your financial situation changed since your mortgage began? Do you want to consolidate debt or plan for upcoming expenses? Are your long-term goals different today than they were before?
If your mortgage still supports your lifestyle, renewal may be the right choice. However, if your needs have evolved, refinancing may offer greater control. Working with a trusted Ottawa mortgage broker ensures you explore both paths fully before deciding.
At Capital Mortgages, we review your full financial picture and explain your options clearly. This guidance allows homeowners across Ottawa, Kanata, Barrhaven, and Orleans to choose confidently, without pressure or confusion.
Why 2026 Is the Right Time to Review Your Mortgage
This year stands out as one of the largest renewal periods Ottawa has seen in years. Many homeowners are discovering that their original mortgage no longer reflects their current goals.
Instead of rushing into a renewal, February 2026 is the perfect time to take a proactive approach. Reviewing your mortgage early gives you time to compare options, plan effectively, and avoid last-minute decisions.
Local expertise matters during this process. Ottawa’s housing landscape varies by neighborhood, and working with a brokerage that understands these nuances can make all the difference. Capital Mortgages brings over 25 years of experience to every conversation, helping homeowners make informed decisions that support long-term success.
Take the Next Step With Capital Mortgages
At Capital Mortgages we are proud to be leaders in Ottawa’s mortgage industry. We help homeowners across Ottawa, Kanata, Barrhaven, and Orleans navigate mortgage renewals and refinancing with confidence. Our experience allows us to identify opportunities others may overlook.
If your mortgage term is ending in 2026, now is the time to explore your options. Apply today at
👉 https://capitalmortgages.com/apply-now/
Apply today at Capital Mortgages Apply Now. For a free quote, contact us directly:
- Phone: 613-228-3888
- Email: info@capitalmortgages.com
We’re here to help you make the right choice for your future.
Client Testimonial
“When our mortgage renewal came up, we weren’t sure whether to renew or refinance. Capital Mortgages took the time to explain both options clearly and helped us choose what made sense for our goals. The process felt easy and well-organized from start to finish.”
— James, Ottawa