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What should I do if my mortgage is coming up for renewal?

When you purchase real estate in Ontario, your mortgage will have to be renewed at the end of a specified period. If your renewal date is coming up for your mortgage, now is the time to start shopping around to determine if you should consider other mortgage options. There are several things to consider when your mortgage is up for renewal.

How soon should I start looking into options?

Ideally, you will start looking at renewal options at least a few months prior to the expiration of your current mortgage. You shouldn't wait until your lender sends you the renewal statement because waiting until then won't give you much time to look into your options. By law, a federally regulated lender has to give you the renewal notice at least 21 days before the expiration of your mortgage.

What happens if I don't explore my options?

There is a chance that your mortgage will automatically renew if you don't do anything at renewal time. This might mean that you pay more in interest and that you might not have the best conditions. By starting the process early, you might be able to negotiate a mortgage that better fits your needs.

It is vital that you understand all the terms of any mortgage options you are considering. If you want to switch mortgage companies, be sure you understand the entire process and what the differences will be after the change. Since your mortgage is likely the biggest payment you make for your home expenses, you should make sure the one you have meets your current needs.

Source: Financial Consumer Agency of Canada, "Renewing and renegotiating your mortgage," accessed Sep. 03, 2015

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Yigal Rifkind, Barrister & Solicitor Attorney

5001 Yonge Street, Suite 301
Toronto, ON M2N 6P6

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Phone: 416-222-4597
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