Your mortgage renewal: a simple checklist

Last updated October 24, 2026

Why the renewal letter isn't the end of the story, and how to compare before you sign.

When your mortgage term ends, your lender will send a renewal offer. Signing it is easy, but it isn't always the best deal. Renewal is the one moment you can switch lenders without paying a penalty.

When to start

Start looking about four months before your renewal date. Many lenders can hold a rate for about 120 days, so starting early gives you time to compare without rushing.

What to compare

• The rate, and whether it's fixed or variable.
• The term: how many years until the next renewal.
• Prepayment options, like extra payments or a yearly lump sum.
• How the penalty is worked out if you need to break the mortgage early.
• Whether the mortgage can move with you if you sell and buy again.

Switching lenders

If you keep the same amount and don't add years, switching to another lender at renewal often doesn't mean passing the stress test again. Your new lender usually handles the transfer, and some cover the legal costs.

Renewing with changes

Renewal is also a natural time to rethink things: lower your payment, pay it off faster, combine higher-interest debt, or borrow for a renovation. Borrowing more counts as a refinance, which can usually go up to 80% of your home's value and does need a new approval.

What to have ready

• Your renewal letter or latest mortgage statement.
• Your most recent property tax bill.
• Proof of income, if you're borrowing more or changing lenders.

General information only, not financial, legal or tax advice. Rules and programs change, and lenders set their own criteria. Checked October 2026.

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