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What is Mortgage renewal? · Buying process

Mortgage renewal

Renewal happens at the end of the term (for example 5 years), when you must sign a new contract for the remaining balance. It is the moment you can switch lenders without penalty.

Updated October 22, 2026

Your lender will send an automatic offer a few weeks before maturity; it is often not its best rate. Start comparing about 120 days ahead: most lenders can hold a rate for that period, and switching lenders at renewal usually costs little or nothing.

If your situation changed (income, status, debts), renewing with the same lender does not require re-qualifying, while a switch does. A broker evaluates both paths before recommending one.

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