Mortgage Renewal

As your mortgage term nears its end, it’s important to start reviewing your mortgage renewal options. Ideally, you should begin discussing your renewal with your current lender and explore alternatives from other lenders at least 180 days (6 months) before your renewal date. Starting the mortgage renewal process early helps you avoid any last-minute rush and ensures you secure the best possible rates and terms.

When your mortgage term expires and there’s still an outstanding balance, the renewal process takes place. Many lenders allow you to renew up to four months in advance without any penalties, making this the optimal time to review your options and lock in the best deal.