Tick off the checks that matter from six months before your maturity date until the first payment of your new term.
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Use this checklist in the six months before your mortgage term matures. Your ticks are saved only in your own browser. The order follows the way a renewal normally runs in Canada: you check your numbers and credit first, gather outside offers while there is still time for a new lender to approve and fund the switch, and then use those written offers when your renewal statement arrives.
Federally regulated banks must send a renewal statement before the term ends, and many lenders contact borrowers several months ahead, but you do not have to wait for the letter. Many lenders let you renew early without a penalty, and many rate holds from other lenders last around 90 to 120 days, so starting four months out lets you lock a rate and still compare.
Worked example (illustrative). If your term matures on 1 March, start on 1 September: check your balance and amortization, pull your credit reports, and estimate the payment at a rate one point higher than today's offers. Collect outside offers in November and December, compare them with the renewal statement in January, and choose by early February so a switch has time to close.
If you live in Quebec, a switch normally involves a notary, so allow extra time. See the full mortgage renewal checklist guide for the reasons behind each step.
Renewal Mistakes, Complaints and Official Sources
What a Canadian mortgage renewal statement must contain, how automatic renewal works, what it can cost, and what to do if your lender will not renew your mortgage.
Renewal Mistakes, Complaints and Official Sources
How to complain about a mortgage renewal, penalty or fee in Canada, the 56-day bank process, when to go to OBSI, what FCAC does, and the routes for credit unions, caisses and brokers.
Worked Renewal Numbers and Checklists
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.
Renewal Mistakes, Complaints and Official Sources
The most expensive mortgage renewal mistakes in Canada, from signing the first offer to missing switch deadlines and variable payment resets, with what each one costs and how to avoid it.
Renewal Mistakes, Complaints and Official Sources
A directory of the federal and provincial bodies behind Canadian mortgage renewal rules, from FCAC, OSFI, CMHC and the Bank of Canada to provincial regulators, OBSI and land registries.
