How To Renew My Mortgage?

Renewing your mortgage can often be a stressful and perplexing endeavor. However, armed with the right knowledge and the support of professionals, you can navigate this process successfully. In Canada, many homeowners are recognizing the value of enlisting a mortgage broker when it comes time for mortgage renewal. Let’s unpack the how and why.

What Is Mortgage Renewal?

Mortgage renewal refers to the process of entering into a new mortgage agreement at the end of your existing term. In Canada, most mortgage terms run between 1-5 years, after which, you’ll either need to pay off your mortgage in full or renew it for another term.

The Importance of Mortgage Renewal:

Mortgage renewal is more than a mere administrative process; it’s an opportunity. It’s a chance to reassess your financial standing and realign your mortgage terms to fit your current circumstances. Perhaps your income has changed, or maybe the interest rates have fallen. You might also be eyeing an early payoff.

The Mortgage Broker Advantage:

Here’s where mortgage brokers come in. They’re licensed professionals who work on your behalf to negotiate the best possible mortgage terms with various lenders. With their broad network and industry expertise, they often secure deals that are much more favourable than what the average homeowner could achieve alone.

  1. Wider Range of Options:

Unlike banks or credit unions that offer only their own products, mortgage brokers provide access to a variety of lenders. This wide spectrum of options ensures that you get the best possible rate and terms that suit your specific needs.

  1. Expertise and Negotiation Skills:

Brokers have an in-depth understanding of the mortgage market. They can interpret complex terms and conditions, and can help you navigate through the process effortlessly. Moreover, they are seasoned negotiators who can leverage their relationships with lenders to get you the most favourable terms.

  1. Time and Cost Saving:

Securing a mortgage involves numerous meetings, documentation, and a considerable amount of time. A mortgage broker handles all of these tasks, saving you time and effort. The best part is that mortgage brokers do not charge fees for their services and you get this expert advise at not extra expense.

Renewing Your Mortgage with a Broker:

  1. Begin Early:

Start considering your options about four to six months before your mortgage term ends. This allows ample time for you to discuss your situation with your broker, explore various options, and negotiate with lenders. Don’t leave your renewal to the last minute, most lenders are going to require a minimum of 30 days to process the transfer.

  1. Assess Your Needs:

Every mortgage renewal is an opportunity to reassess your financial goals. Discuss your objectives with your broker, whether it’s paying off your mortgage early, reducing monthly payments, or securing a lower interest rate.

  1. Comparison and Negotiation:

Your broker will compare the offerings of various lenders, taking into account factors such as interest rates, prepayment options, and penalties for early payoff. Once the best option is identified, your broker will negotiate the terms on your behalf.

  1. Renewal Agreement:

Once you have decided on a lender and your broker has negotiated the terms, you will receive a renewal statement to sign. This agreement outlines the new mortgage term, interest rate, and payment schedule.


Renewing your mortgage in Canada need not be a daunting task. The support of a mortgage broker can turn this process into an empowering experience, leaving you with a renewed mortgage that serves your financial goals. Choose a mortgage broker who understands your needs and let them guide you to the best possible outcome for your mortgage renewal.

For those considering a mortgage in Saskatchewan or seeking advice related to real estate financing, feel free to reach out at for a no-fee pre-approval. 

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