Worked Renewal Numbers and Checklists
Mortgage renewal checklist: what to do from six months before maturity
A step-by-step Canadian mortgage renewal checklist from six months before maturity to your first new payment, with documents to gather, numbers to run and deadlines.
Start your mortgage renewal about six months before the maturity date. In the first two months, find your numbers (balance at maturity, remaining amortization, insurance status, charge type) and check your credit. Around four months out, collect written offers from at least two other lenders or a licensed broker and lock a rate hold. When your lender's renewal statement arrives, use those offers to negotiate, compare interest over the term rather than just the payment, and decide at least three to four weeks before maturity so a switch has time to fund. The steps below explain each stage, with links to the worked examples.
Figures are illustrative. Track your progress with the renewal checklist tool.
Six to five months before maturity: know your numbers
Find these in your latest annual mortgage statement, online banking or by asking your lender:
| Item | Where to find it | Why it matters |
|---|---|---|
| Maturity date | Statement or renewal letter | Sets every other deadline |
| Balance at maturity | Amortization schedule or lender estimate | The amount you renew or switch |
| Remaining amortization | Statement | Determines the new payment |
| Current rate and type | Mortgage agreement | Baseline for comparison |
| Insured or not, and insurer | Commitment letter or closing documents | Decides your rate tier |
| Standard or collateral charge | Mortgage agreement or lawyer's report | Affects switching cost |
| Prepayment privileges used this year | Statement | You may have unused room to use before maturity |
Then estimate the payment at today's rates and at a rate one point higher with the renewal payment calculator. If the jump will be large, read the payment increase worked example and plan early.
Five to four months before: check credit and plan the shape of the mortgage
- Get your credit reports from Equifax Canada and TransUnion Canada. Both offer free access to your report; dispute errors now, not during an application.
- Decide what else might change: a lump-sum prepayment, a longer or shorter amortization, borrowing more, adding or removing a borrower. Each of these affects whether a switch is a straight switch. See extending the amortization and prepayment privileges at renewal.
- Decide on term and rate type before collecting quotes, so you compare like with like.
- Ask your lender whether it allows early renewal without penalty, and from how many days before maturity. See early renewal and blend-and-extend.
Four to three months before: collect written offers
- Get at least two written offers from other lenders, a credit union or a licensed mortgage broker, for the same term, rate type and amortization.
- Ask each for: the rate, the rate hold period, the penalty method, prepayment privileges, portability, and which switching costs it covers.
- Prepare documents: government ID, recent pay stubs, an employment letter, your most recent mortgage statement, property tax bill, and for self-employed borrowers, two years of Notices of Assessment.
- Check any broker on your provincial regulator's register (for example FSRA in Ontario, BCFSA in British Columbia, RECA in Alberta, the AMF in Quebec).
When the renewal statement arrives: compare and negotiate
Federally regulated banks must send a renewal statement before the end of the term. Read it fully: rate, term, payment, amortization, charges and the date by which you must respond.
- Put the renewal offer and your best outside offer into the renew-vs-switch calculator.
- Compare interest over the term and balance at the end of the term, not only the payment.
- Ask your lender to beat the best outside offer. See how to negotiate your renewal.
- Price the full cost of switching. See the renew or switch worked example.
Four to three weeks before maturity: decide
A switch needs time for approval, appraisal, legal or notary work and funding on the exact maturity date. If you leave the decision to the last week, your realistic choice may be your lender's offer or an automatic renewal.
If you are thinking about breaking the current term rather than waiting, get a written penalty quote first: see prepayment penalties and the IRD.
Worked timeline (illustrative)
Maturity date: 1 March.
| Date | Task |
|---|---|
| 1 September | Gather statement, check insurance and charge type, estimate payment |
| 1 October | Credit reports; decide term, rate type, prepayment plans |
| 1 November | Request outside offers; lock a 120-day rate hold (covers to about 1 March) |
| Mid-January | Renewal statement arrives; negotiate with your lender |
| 1 February | Decide; if switching, sign with the new lender and instruct the lawyer or notary |
| 1 March | Funding and first day of the new term |
| Early April | Check the first payment came out correctly; cancel the old pre-authorized debit if you switched |
After the renewal
- Check the new payment amount and date on your first statement.
- If you switched, confirm the old mortgage shows as paid and the discharge is registered.
- Update home insurance with the new lender's details if it is named as loss payee.
- Note the next maturity date in your calendar, six months ahead.
Frequently asked questions
Can I start the process more than six months early?
You can research at any time, but most rate holds and early-renewal windows only start a few months before maturity. Gathering numbers early is still useful.
What if my lender sends no renewal statement?
Contact the lender well before the maturity date. If it is a bank and the term is about to end without a statement, raise it with the bank and keep a written record.
Is a broker worth using for a renewal?
A broker can compare many lenders at once, which helps if your situation is unusual. Your own bank may still match. Ask how the broker is paid and check their licence.
What if I cannot qualify with another lender?
You can still renew with your current lender, which usually does not re-qualify you, and negotiate its offer. If the payment is unaffordable, ask about relief under the Canadian Mortgage Charter.
Sources
- Financial Consumer Agency of Canada — renewing your mortgage and renewal statements
- Equifax Canada — your credit report
- TransUnion Canada — your credit report
- Financial Services Regulatory Authority of Ontario — check a mortgage broker licence in Ontario
- Autorité des marchés financiers — check a mortgage broker in Quebec
