Mortgage Renewal Tips

Sept 2026 | What to do when your renewal letter arrives

When your renewal letter arrives, it’s tempting to sign and get on with your day. I get it. It looks simple, and your lender has made it easy.

But renewal is one of the few times you get a clean chance to look at your mortgage with fresh eyes. Your rate, your term, your payment and your life have probably all changed since you last signed. These mortgage renewal tips are what I walk my Edmonton clients through before they say yes, and a few minutes of review now can save you a lot over the next five years.

1. Start earlier than you think

I like to start looking at a renewal about four to six months before it’s due. That gives us time to compare options, lock in a rate hold if it makes sense, and avoid rushing a big decision the week before your mortgage matures.

2. Look past the rate

The rate matters, but it’s not the whole story. I also want to know what your prepayment privileges look like, whether the mortgage is portable if you move, what the penalty would be if you need to break it early, and whether there are any fees. A slightly lower rate with a painful penalty isn’t always the better deal.

3. Rethink fixed vs. variable

A fixed rate gives you the same payment for the whole term, which many people love. A variable rate can sometimes offer a lower rate or more flexibility, but your payment or amortization can shift when prime changes. There’s no universal right answer. It comes down to your budget, your comfort with change, and what’s coming up in your life.

4. You don’t have to stay with your current lender

This is the tip that surprises people most. You’re free to move your mortgage at renewal. If you’re keeping the same balance and remaining amortization, switching is often pretty straightforward, and it can open the door to better pricing or features. At the very least, it’s worth knowing what else is out there before you sign.

5. Know when a refinance makes more sense

Sometimes renewal is the right time to change more than the rate. If you want to pay off higher-interest debt, tap into equity for a renovation, help one of your kids buy their first place, or change your amortization, a refinance might be the better move. Just know it requires new approval and usually involves costs like legal, appraisal, and discharge fees. I’ll help you weigh whether it’s worth it.

6. Check in on your budget

A lot can change in five years. New job, new baby, daycare, a car loan, different savings goals. I want to make sure your payment still fits comfortably into your life, not just on paper.

7. Think about the next few years, not just the next term

Are you thinking about moving? Renovating? Buying a rental? Retiring? The right mortgage should give you room for those plans, not lock you into a penalty or a restriction you’ll regret later.

Want a second set of eyes on your renewal?

The best mortgage renewal tip I can give you is simple: don’t sign the first offer without comparing it. If you’re renewing in the next six to 12 months, send me a message. I’ll review your offer, compare it against what’s available, and help you decide with confidence.

~ Sandra