Mortgage Renewal

While most Canadians spend a lot of time, and expend a lot of effort, in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals.

Nearly 60% of borrowers simply sign and send back the renewal that is first offered to them by their lender without ever shopping around for a more favourable interest rate.

Homeowners should never accept the first rate offered by their existing lender. By signing up for the market rate on a renewal, without attempting any negotiation, homeowners can end up paying exorbitant amounts of money for absolutely no added value.

Generally it is a good idea to start shopping for a new term between four and six months before your current mortgage term expires. Many lenders send out your renewal letter very close to the time that your term expires and this does not give you ample time to arrange for a mortgage term through a different lender.

This means that you need to be tracking your own mortgage term timeframe, and enlisting help, to ensure that you have enough time and support to find the best mortgage renewal rate.


Find A Mortgage
Advisor 120 Days
Before Your

Consider Your

Outline Your

Find The

Choose A

Complete The

Documents Required


Employment and Income Verification

  • Current employment and amount of income such as:
    • Copy of recent pay slips
    • Evidence of recent pay deposited electronically
    • T1 General and associa
  • Previous employment (if required)
  • Additional income sources (if any)

Basic Financials

  • A list of current assets and liabilities
  • Bank account and transit number for payments

Confirmation of Your Down Payment

  • Savings or investments statement from within the last 90 days
  • Sale of an existing property – a copy of the sale agreement
  • Withdrawal from RRSP through the Home Buyer’s Plan, if applicable
  • Gift Letter

Property Details

  • A copy of the real estate listing
  • A copy of the accepted purchase and sale agreement
  • The property’s full address, including legal description and postal code
  • Property tax estimates, condo fees and heating costs, (usually available on the real estate listing)
  • For rural properties, well and septic certificates
  • Lawyer’s name, address, postal code, telephone and fax number

The information noted above is not exhaustive: additional documents and/or information may be requested when you apply for a mortgage. The Required Mortgage Documents Checklist has been developed for guideline purposes only.


Canadian housing activity stabilizes well below peak levels

According to the Canadian Real Estate Association (CREA), national home sales in September rose modestly from the previous month but…

Credit rating and debt servicing a mortgage

It is great feeling buying your first home, but for most of us, the first step is preparing to get…

The impact of mortgage rule changes

The mortgage rule changes that were passed by the Ministry of Finance in October 2016 are still having their effect…


Let us call you back when it's
convenient for you!