Mortgage renewal timeline: what to do and when

The law only guarantees you a renewal statement 21 days before your term ends. That's not much time to shop. Here's a calmer schedule.

About four months before: gather your numbers

Find your maturity date, current balance and remaining amortization on your last annual statement or online banking.
Check whether your mortgage is insured (you paid a CMHC, Sagen or Canada Guaranty premium) and whether your lender is a bank or a credit union. Both affect the stress-test rules if you switch.
Decide what you want: the same amortization, a shorter one, a lump-sum payment, or more borrowing. Borrowing more or stretching the amortization usually means you'll have to qualify again.

Three to four months before: shop

Ask each lender how long it will hold a quoted rate for a switch. It varies, so start early enough that an offer is still valid when your term ends.
Get written quotes from at least two other lenders or a licensed mortgage broker. Ask for the rate, term, prepayment privileges, penalty method and who pays the switching costs.
Run each offer through the renew vs switch calculator.

When the renewal statement arrives (at least 21 days before)

A federally regulated lender's statement must show your balance at renewal, the rate, the payment frequency, the term and any fees. It also has to say whether the mortgage will renew automatically. Compare it with your quotes, then call your lender and ask them to match the best one. Have the competing offer handy, since they may ask for proof.

Two to three weeks before: decide

Staying: sign the renewal agreement and check the rate, term and payment date.
Switching: the new lender needs time to approve you, get an appraisal if required, and have a lawyer or title company register the new mortgage. Ask your current lender about its discharge fee.

Questions worth asking every lender

What's the rate, and how long will you hold it?
How do you calculate the prepayment penalty if I break the mortgage? (See our penalty calculator for why this matters.)
What prepayment privileges do I get each year?
Do you cover legal, appraisal and discharge costs on a switch?
Is this a collateral or standard charge mortgage? It affects the cost of switching later.

This is an estimate for general information. It is not advice about your situation. Check the final numbers with your lender, your real estate lawyer, or the official source.

Sources

Last checked: October 10, 2026