Mortgage Renewal Ontario
Mortgage Renewal in Ontario
When your term ends, your lender sends a renewal offer. The easiest thing to do is sign it. The better thing to do is check whether it is actually a good deal first.
We are an FSRA-licensed Ontario mortgage brokerage. Before you renew, we shop your renewal across lenders so you can see whether staying, switching, or refinancing makes the most sense for you. Everything is subject to qualification and lender review.
Written by the HB Mortgage Centre team. Reviewed by Hardeep Batoo, Principal Broker (licence M13002408). HB Mortgage Centre is an FSRA-licensed brokerage (#13449). Last updated: June 23, 2026.
FSRA Brokerage #13449·Hardeep Batoo, Broker Licence #M13002408·Ontario-wide·No cost to review
TL;DR
The short version
Your lender's first renewal offer is not always its best, and it is rarely the best across the whole market. Start a few months before your term ends, compare staying versus switching versus refinancing, and let a broker do the shopping. There is no cost to have your renewal reviewed, and you are not obligated to switch.
The basics
How mortgage renewal works in Ontario
Your mortgage term has an end date. As it approaches, your current lender sends a renewal offer with a new rate and term. You have three broad choices: accept the offer and stay, move your mortgage to a different lender, or refinance to change the structure of the loan.
Many people simply sign the offer because it is convenient. That convenience can cost you, because the first offer is not always the most competitive one available. Taking a little time at renewal is one of the simpler ways to improve your mortgage.
Timing
When to start your renewal
The rule of thumb is to start a few months before your term ends, rather than the week the offer lands. Starting early gives you time to compare options and, if switching makes sense, to complete the paperwork without rushing.
A short checklist to get ready:
- Find your current term's end date.
- Note your current rate and balance.
- Think about whether anything has changed: your income, your plans for the home, or other debts you would like to fold in.
If your term ends in the next few months, this is a good time to look.
Your options
Stay, switch, or refinance
Here is the difference between the three, in plain English.
Stay
You accept a new term with your current lender. It is the simplest path, and sometimes it is genuinely the best offer. The only way to know is to compare it.
Switch
You move your mortgage to a new lender for better terms. A switch usually means requalifying, which can include the stress test, so it depends on your current income and credit. When it works, it can be worth the effort.
Refinance
You restructure the mortgage, for example to access equity or consolidate higher-interest debt against your home. This is a bigger change than a simple renewal. See refinancing instead of renewing for how that works.
We help you compare all three honestly, rather than steering you to one. Which one fits depends on your numbers, your goals, and current market conditions.
How we help
How a broker improves your renewal
A broker does the shopping you would otherwise have to do yourself. We compare your lender's offer against other lenders, explain the trade-offs, and if switching makes sense, we handle the paperwork to move it. Because we are a brokerage, we work across lenders rather than selling one lender's products.
There is no cost to have your renewal reviewed, and you are under no obligation to switch. The goal is simply to make sure you are renewing on terms that fit your situation, subject to qualification and lender approval.
If it goes wrong
What if your renewal is declined
Sometimes a renewal does not go smoothly, or a switch is declined because something has changed. If that is where you are, you still have options, and it is a more common situation than people think. See what to do if your renewal is declined for the next steps.
Rates
A note on rates
Rates change constantly and depend on the lender, the term, and your qualification, so we do not post them on this page. For current pricing, see current mortgage rates in Ontario, and to estimate a payment, use our mortgage renewal calculator, which gives an estimate only. Any rate we discuss with you is subject to change, qualification, and market conditions, and we do not promise a specific rate or saving.
FAQ
Common questions about mortgage renewal
When should I start my mortgage renewal in Ontario?+
Should I stay with my lender, switch, or refinance at renewal?+
Do I have to requalify or pass the stress test to switch lenders?+
Can a broker get me a better renewal than my lender's offer?+
What happens if my renewal is declined?+
Before you sign that renewal offer
If your term is ending soon, take a few minutes before you sign. We will review your renewal, compare it across lenders, and tell you honestly whether you can do better. No cost, no obligation.
Rates, terms, and costs are subject to lender approval, borrower qualification, property review, and market conditions. Broker compensation for standard renewals is typically paid by the lender. O.A.C. E.&O.E.
FSRA Brokerage #13449 · Hardeep Batoo, Broker Licence #M13002408 · Ontario-wide
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