Renewals
Your renewal letter is not your best offer. Compare the whole market before you sign.
When your mortgage term ends, your lender mails a renewal offer — and many Canadians simply sign it. That convenience can cost thousands over the next term. At renewal you have a no-cost opportunity to renegotiate your rate, change your term, switch lenders, and reset your strategy. A Finevo advisor compares your existing offer against 40+ lenders so you renew on the best available terms.
What to know
Rate and term review
We benchmark your renewal offer against current fixed and variable rates and recommend the term length that fits your plans and the rate outlook.
Switching is easier than ever
For an uninsured straight switch at renewal, you generally no longer need to requalify under the federal stress test — making it simpler to move to a better-priced lender.
Restructure your payments
Renewal is the ideal time to adjust your amortization, payment frequency, or prepayment privileges without breaking your mortgage.
Plan around your goals
Planning to move, renovate, or consolidate debt soon? We help you choose a term and product that keep your options open.
Good to know
- Start the renewal conversation 90 to 120 days before maturity to lock a rate hold and avoid auto-renewing.
- Switching lenders at renewal usually involves little or no cost; your advisor confirms any transfer or legal fees up front.
- Renewing is different from refinancing — a straight renewal keeps your balance and amortization the same.
This information is a general overview of Canadian mortgage options and is not financial advice. Programs, rates, and eligibility are subject to change and to lender and insurer qualification. Speak with a licensed Finevo advisor for guidance specific to your situation.
Let's find the right fit
Connect with a licensed Finevo advisor for a personalized look at your renewals options across 40+ Canadian lenders.