{"id":1553,"date":"2021-08-17T14:25:01","date_gmt":"2021-08-17T21:25:01","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=1553"},"modified":"2024-12-20T09:56:10","modified_gmt":"2024-12-20T17:56:10","slug":"how-mortgage-renewal-works","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works","title":{"rendered":"How Mortgage Renewal Works In Canada"},"content":{"rendered":"\n<p class=\"\">Assuming you still owe money on your mortgage, you\u2019ll be facing a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/things-to-know-before-mortgage-renewal\">mortgage renewal<\/a> when your current term expires.&nbsp;<\/p>\n\n\n\n<p class=\"\">Renewing a mortgage is about more than agreeing to a new interest rate. It\u2019s also an opportunity to make important decisions about the next phase of your mortgage, including payment frequency and whether a new lender or mortgage product better meets your needs.&nbsp;<\/p>\n\n\n\n<p class=\"\">Preparing for a mortgage renewal ahead of time can take some of the stress out of these choices \u2014 and help you secure a more affordable renewal. In this article, we&#8217;ll dig into:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><a href=\"#tips\">4 Mortgage renewal tips that actually work.<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"#basics\">Mortgage renewal basics.<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"#refi\">The difference between mortgage renewing and refinancing a mortgage.<\/a><\/li>\n<\/ul>\n\n\n<div class=\"c-block-house-ad wp-block-nerdwallet-blocks-house-ad\">\n\n\t\n\t<div class=\"c-block-house-ad__wrapper\">\n\t\t<div class=\"c-block-house-ad__inner\">\n\t\t\t<div class=\"c-house-ad__content-wrapper c-house-ad__content-wrapper__no-image\">\n\t\t\t\t\n\t\t\t\t<h6 class=\"c-block-house-ad__title\">Get your lowest mortgage rate with nesto<\/h6>\n\t\t\t\t\t\t\t\t\t<p class=\"c-block-house-ad__content\">\n\t\t\t\t\t\tStay on the bright side of mortgages with Canada&#8217;s leading digital mortgage lender. Secure your commission-free, low rate guarantee mortgage with nesto today. \t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t<div class=\"c-block-house-ad__cta wp-block-button\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/go\/nesto\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"c-block-house-ad__cta-button nw-cta track-click-mon wp-block-button__link wp-element-button\" data-placement=\"Promotional banner\">Unlock your low rate<\/a><\/div>\t\t\t<\/div>\n\n\t\t\t\t\t\t\t<div class=\"c-block-house-ad__image-wrapper\">\n\t\t\t\t\t<div class=\"c-block-house-ad__image\">\n\t\t\t\t\t\t<img decoding=\"async\" class=\"c-block-house-ad__icon-img\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/04\/nesto-EN_Primary@2x.png\" alt=\"Ad Icon\" style=\"max-width: 200px; max-height: 200px;\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"tips\"><strong>4 Mortgage renewal tips that actually work<\/strong><\/h2>\n\n\n\n<p class=\"\">Here are four things you can do to gain a little more control over the mortgage renewal process:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>1. Start early<\/strong><\/h3>\n\n\n\n<p class=\"\">A thoughtful mortgage renewal involves multiple steps, which make up the rest of this list. Starting the renewal process early can ensure you have ample time to complete each step without feeling pressured.<\/p>\n\n\n\n<p class=\"\">Federally regulated banks may not send you a renewal notice until you\u2019re only three weeks away from your renewal date. You\u2019ll be in a better position to compare renewal rates and negotiate with your lender if you reach out to them three to four months in advance.<\/p>\n\n\n\n<p class=\"\">You may be able to start renewal talks earlier than that, but you don\u2019t necessarily want to agree to a rate so far ahead of your renewal date, especially if mortgage rates are expected to decline.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2. Assess your finances and mortgage needs<\/strong><\/h3>\n\n\n\n<p class=\"\">Before you can know what you want from your next mortgage term, you need to have a clear idea of how your finances are holding up overall.<\/p>\n\n\n\n<p class=\"\">If your household income has increased, for example, you may be able to afford higher payments during the next term, which can help pay off your mortgage faster. If cash flow has become tight, you may have to consider extending your amortization period as a means of securing smaller monthly payments.&nbsp;<\/p>\n\n\n\n<p class=\"\">Renewal can also be an opportunity to make other adjustments to your mortgage to make it more manageable. You might, for example, decide to increase or decrease the frequency of your payments, or switch from a variable interest rate to a fixed rate. You might also need to find a lender that offers different prepayment or skip-a-payment options.<\/p>\n\n\n\n<p class=\"\">You don\u2019t have to do these assessments yourself. Turn to your bank\u2019s mortgage advisor or your mortgage broker for assistance. You also can do some general estimating of future mortgage costs by using a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/canada-mortgage-affordability-calculator\">mortgage affordability calculator<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3. Use prepayments to reduce the principal before you renew<\/strong><\/h3>\n\n\n\n<p class=\"\">It\u2019s always a good idea to try to reduce your <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/principal-and-interest\">principal<\/a> as much as you can before renewing. It won\u2019t necessarily affect the rate you\u2019re offered, but there\u2019ll be a smaller mortgage amount for the bank to charge interest on. You\u2019ll pay off your mortgage faster, too.<\/p>\n\n\n\n<p class=\"\">Most mortgages from A-lenders allow you to make prepayments toward the principal each year. You are generally allowed to either increase your monthly payment or make lump-sum payments up to a certain limit. Just be sure to adhere to the prepayment limits outlined in your mortgage contract, or you could be charged prepayment penalties on the excess amount.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>4. Negotiate and compare other rate offers<\/strong><\/h3>\n\n\n\n<p class=\"\">Lenders know that renewing can be an uncomfortable situation for borrowers, particularly if mortgage rates have risen, so your current lender may not feel motivated to offer you their lowest rate at first.<\/p>\n\n\n\n<p class=\"\">That\u2019s why it\u2019s crucial that you <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/negotiating-mortgage-fees\">negotiate with your lender<\/a> upon renewal.&nbsp;<\/p>\n\n\n\n<p class=\"\">Ask how much they can improve upon their initial offer. If they can\u2019t get you a renewal rate that\u2019s in line with their current discounted mortgage rates, let them know that you\u2019re going to do some comparison shopping.&nbsp;<\/p>\n\n\n\n<p class=\"\">Finding competing rate offers is as easy as typing \u201c<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-renewal-rates\">mortgage renewal rates<\/a>\u201d into Google, noting the most attractive offers and calling the lenders or brokers that provide them. It shouldn\u2019t take more than an hour or two. (If you\u2019re not comfortable negotiating or rate shopping, consider tagging in a mortgage broker.)&nbsp;<\/p>\n\n\n\n<p class=\"\">Once you\u2019ve found a renewal rate you\u2019re happy with, go back to your current lender and see if they can match it. If not, notify them that you\u2019ll be working with a new lender for your next term and get started on your application.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-nerdwallet-blocks-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-nerdwallet-blocks-button is-style-link\"><a class=\"wp-block-nerdwallet-blocks-button__link\" href=\"https:\/\/www.nerdwallet.com\/ca\/p\/best\/mortgages\/5-year-fixed-mortgage-rates\"><span class=\"wp-block-nerdwallet-blocks-button__link-text\">Find the Best 5-Year Fixed Mortgage Rates<\/span><div class=\"wp-block-nerdwallet-blocks-button__link-icon wp-block-nerdwallet-blocks-button__source-icon has-icon-position-before\" style=\"height:36px;width:36px\"><svg viewBox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<path d=\"M27 26V6C27 5.44772 26.5523 5 26 5L6 5C5.44772 5 5 5.44772 5 6V26C5 26.5523 5.44772 27 6 27H26C26.5523 27 27 26.5523 27 26Z\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/path>\n<path d=\"M16.7573 11.7574L20.9999 16L16.7573 20.2426\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/path>\n<path d=\"M11 16H21\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/path>\n<\/svg>\n<\/div><\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-nerdwallet-blocks-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-nerdwallet-blocks-button is-style-link\"><a class=\"wp-block-nerdwallet-blocks-button__link\" href=\"https:\/\/www.nerdwallet.com\/ca\/p\/best\/mortgages\/current-mortgage-rates\"><span class=\"wp-block-nerdwallet-blocks-button__link-text\">Browse Current Mortgage Rates<\/span><div class=\"wp-block-nerdwallet-blocks-button__link-icon wp-block-nerdwallet-blocks-button__source-icon has-icon-position-before\" style=\"height:36px;width:36px\"><svg viewBox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<path d=\"M27 26V6C27 5.44772 26.5523 5 26 5L6 5C5.44772 5 5 5.44772 5 6V26C5 26.5523 5.44772 27 6 27H26C26.5523 27 27 26.5523 27 26Z\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/path>\n<path d=\"M16.7573 11.7574L20.9999 16L16.7573 20.2426\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/path>\n<path d=\"M11 16H21\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/path>\n<\/svg>\n<\/div><\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-nerdwallet-blocks-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-nerdwallet-blocks-button is-style-link\"><a class=\"wp-block-nerdwallet-blocks-button__link\" href=\"https:\/\/www.nerdwallet.com\/ca\/p\/best\/mortgages\/variable-mortgage-rates\"><span class=\"wp-block-nerdwallet-blocks-button__link-text\">Compare Variable Mortgage Rates<\/span><div class=\"wp-block-nerdwallet-blocks-button__link-icon wp-block-nerdwallet-blocks-button__source-icon has-icon-position-before\" style=\"height:36px;width:36px\"><svg viewBox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<path d=\"M27 26V6C27 5.44772 26.5523 5 26 5L6 5C5.44772 5 5 5.44772 5 6V26C5 26.5523 5.44772 27 6 27H26C26.5523 27 27 26.5523 27 26Z\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/path>\n<path d=\"M16.7573 11.7574L20.9999 16L16.7573 20.2426\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/path>\n<path d=\"M11 16H21\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><\/path>\n<\/svg>\n<\/div><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"basics\"><strong>Mortgage renewal basics&nbsp;<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">What is mortgage renewal?<\/h3>\n\n\n\n<p class=\"\">Mortgage renewal is required at the end of every term. To renew your mortgage, you\u2019ll work with a lender to structure a new mortgage agreement. This happens at the end of a mortgage term when your current contract ends.<\/p>\n\n\n\n<p class=\"\">In Canada, a mortgage\u2019s <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/amortization-period-vs-mortgage-term\">amortization period<\/a>, or the time required to repay a home loan completely, is typically made up of multiple terms. Those terms dictate how long a mortgage contract stays in place. A mortgage with a 25-year amortization, for example, might be made up of five five-year terms. You need to renew the end of each term until your mortgage is fully paid off.<\/p>\n\n\n\n<p class=\"\">If you took out a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/best-5-year-fixed-mortgage-rates-in-canada\">five-year fixed-rate mortgage<\/a> in November 2021, for example, your term will expire in November 2026. Unless you\u2019re able to pay off your remaining mortgage balance at that point, you\u2019ll need to renew.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How does the mortgage renewal process work?<\/h3>\n\n\n\n<p class=\"\">The mortgage renewal process isn\u2019t overly complicated. Your current <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-to-choose-a-mortgage-lender\">mortgage lender<\/a> presents you with a new mortgage offer. You either sign it, <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/why-negotiating-your-mortgage-renewal-rate-is-a-must\">negotiate a more suitable arrangement<\/a> or choose to renew your mortgage with a different lender.&nbsp;<\/p>\n\n\n\n<p class=\"\">You\u2019ll still have to make some important decisions regarding your mortgage, though, like payment frequency, amortization length and rate type. That\u2019s where things can become a little stressful. Preparing for these decisions ahead of time can make the renewal process easier \u2014 and hopefully more financially rewarding.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>When should you start the mortgage renewal process?&nbsp;<\/strong><\/h3>\n\n\n\n<p class=\"\">Generally speaking, you\u2019ll want to start the mortgage renewal process sooner rather than later. This will give you more time to compare <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/current-mortgage-rates-in-canada\">current mortgage rates<\/a> among lenders, weigh options against your financial needs and negotiate the best mortgage contract for your next term.&nbsp;<\/p>\n\n\n\n<p class=\"\">Some lenders suggest beginning the renewal process up to four months before your renewal date. Some may let you renew your mortgage up to six months early without charging you a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/prepayment-penalty-cost-to-end-a-mortgage-early\">prepayment penalty.<\/a>&nbsp;<\/p>\n\n\n\n<p class=\"\">You can always wait for your lender to send you its renewal offer. Federally-regulated financial institutions \u2014 Canada\u2019s largest banks \u2014 are required to send you a renewal statement at least 21 days before your renewal date.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>What is a mortgage renewal statement?<\/strong><\/h4>\n\n\n\n<p class=\"\">A renewal statement outlines the following:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">The remaining balance of your mortgage.<\/li>\n\n\n\n<li class=\"\">The interest rate (with specifications that this rate won\u2019t increase until your renewal date).<\/li>\n\n\n\n<li class=\"\">The payment frequency.<\/li>\n\n\n\n<li class=\"\">The term.<\/li>\n\n\n\n<li class=\"\">Charges and fees that apply.<\/li>\n<\/ul>\n\n\n\n<p class=\"\">If you\u2019re satisfied with the renewal offer, you can sign it and be done with the renewal process until your next term expires.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Do mortgages automatically renew?<\/strong><\/h3>\n\n\n\n<p class=\"\">Some lenders will automatically renew your mortgage if you don\u2019t respond to a renewal offer before the renewal date. The renewal statement you receive will explain this.&nbsp;<\/p>\n\n\n\n<p class=\"\">Automatic renewal, though effortless, could come back to haunt you. A lender\u2019s automatic renewal process might involve signing you up for a shorter mortgage term that carries a higher interest rate. Even if it doesn\u2019t, opting for an automatic renewal means giving up all of your negotiating power.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Where can you renew a mortgage?<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Option 1: Renew with your current lender<\/strong><\/h4>\n\n\n\n<p class=\"\">Renewing your mortgage with your current lender is generally the path of least resistance. Whether you accept the first renewal offer you receive or negotiate a more acceptable one, you won\u2019t be required to do much else besides sign your new contract and keep making your payments.<\/p>\n\n\n\n<p class=\"\">You won\u2019t need to requalify, and if you\u2019re borrowing from an A-lender, there shouldn\u2019t be any renewal fees involved. Renewing a mortgage from a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-you-need-to-know-before-getting-a-private-mortgage\">private lender<\/a>, however, might cost you.&nbsp;<\/p>\n\n\n\n<p class=\"\">Some lenders allow you to renegotiate your interest rate before the end of your mortgage term through a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/blend-and-extend-mortgage-explained\">blend-and-extend<\/a> option. This allows you to extend your existing term at a lower rate by blending a new, current interest rate with the old one.<\/p>\n\n\n\n<p class=\"\">You may also be able to get a better interest rate or more favourable conditions in your mortgage contract if your lender is prepared to match other offers. Provide evidence of these offers to your current lender to use this tactic more effectively.<\/p>\n\n\n\n<p class=\"has-lightest-green-background-color has-background\"><strong>Nerdy Tip: <\/strong>Always make sure you understand your lender\u2019s renewal process before signing a mortgage contract.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Option 2: Renew with a new lender<\/strong><\/h4>\n\n\n\n<p class=\"\">If your current lender isn\u2019t able (or willing) to offer you a more beneficial rate than other lenders, you\u2019re free to renew your mortgage elsewhere.<\/p>\n\n\n\n<p class=\"\">Renewing with a new lender can be a more involved process than renewing with your current lender, though the payoff may be worth the effort. You\u2019ll need to:<\/p>\n\n\n\n<p class=\"\"><strong>Requalify.<\/strong> Your new lender will assess your finances. Lenders are no longer required to use the mortgage stress test on borrowers who are switching from another lender at renewal.&nbsp;<\/p>\n\n\n\n<p class=\"\"><strong>Pay fees.<\/strong> In addition to the cost of a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-a-home-appraisal\">home appraisal<\/a>, you also might have to pay discharge, registration or other administrative fees. Lenders may be willing to take on some of these fees in order to get your business. Ask if that\u2019s an option.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Mortgage renewal rates<\/strong><\/h3>\n\n\n\n<p class=\"\">The mortgage renewal rate you\u2019re offered could vary wildly from lender to lender.&nbsp;<\/p>\n\n\n\n<p class=\"\">Your current lender\u2019s initial rate offer will be based on their current <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-rates-canada\">mortgage interest rates, and will likely skew closer to their <\/a>posted mortgage rates than their cheaper discounted rates. Approach this first rate offer like you would the sticker price on a new car: it\u2019s really only the basis for a negotiation.&nbsp;<\/p>\n\n\n\n<p class=\"\">Competing lenders might offer a lower rate for your renewal than your current lender. Lenders are always seeking new business, and swooping in to help stressed-out homeowners by offering lower mortgage renewal rates.<\/p>\n\n\n\n<p class=\"\">Keep in mind that switching lenders at renewal means requalifying. Until your income, debt and credit score have all been evaluated, you won\u2019t know for sure what rate or loan amount you\u2019ll actually be approved for.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What happens if your mortgage renewal is denied?<\/strong><\/h3>\n\n\n\n<p class=\"\">If your finances remain solid and you\u2019ve been a diligent mortgagor, your lender will typically choose to renew your mortgage. If your income\u2019s been disrupted or you\u2019ve <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/missed-mortgage-payment\">missed payments<\/a> over the course of the last term, however, your lender may not want to assume the increased risk and refuse to renew your mortgage.<\/p>\n\n\n\n<p class=\"\">When this happens, it\u2019s not necessarily a reason to panic \u2014 especially if you started the renewal process early. <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/understanding-b-lender-mortgages\">B-lenders<\/a> offer mortgages to borrowers with lower credit scores who can\u2019t get approved at the <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/big-5-big-6-banks-canada\">Big Six&nbsp;banks<\/a>.<\/p>\n\n\n\n<p class=\"\">Because they take on more risk, B-lenders tend to charge higher interest rates than chartered banks. But B-lender mortgages also are meant to be short-term solutions that last three years or less. During that time, you\u2019re expected to get your finances in shape so that you\u2019ll be able to renew with an A-lender at a lower rate once the next term expires.<\/p>\n\n\n\n<p class=\"\">If a B-lender won\u2019t renew your mortgage, you may have to apply for financing at a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-you-need-to-know-before-getting-a-private-mortgage\">private mortgage <\/a>lender. The qualification criteria may be even looser than with B-lenders, but the rates and fees are likely to be much higher.&nbsp;Renewal time, especially if you have concerns about what you can afford, can be an ideal opportunity to speak to a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-a-mortgage-broker\">mortgage broker<\/a>. An experienced broker may be able to introduce you to lenders \u2014 and rate offers \u2014 you don\u2019t have access to.<\/p>\n\n\n<div class=\"c-block-house-ad wp-block-nerdwallet-blocks-house-ad\">\n\n\t\n\t<div class=\"c-block-house-ad__wrapper\">\n\t\t<div class=\"c-block-house-ad__inner\">\n\t\t\t<div class=\"c-house-ad__content-wrapper c-house-ad__content-wrapper__no-image\">\n\t\t\t\t\n\t\t\t\t<h5 class=\"c-block-house-ad__title\">Best Mortgage Rates in Canada<\/h5>\n\t\t\t\t\t\t\t\t\t<p class=\"c-block-house-ad__content\">\n\t\t\t\t\t\tCompare Canada\u2019s top mortgage lenders and brokers side-by-side and find out the best mortgage rates that will meet your needs.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t<div class=\"c-block-house-ad__cta wp-block-button\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-rates-canada\" target=\"_self\" class=\"c-block-house-ad__cta-button nw-cta track-click-mon wp-block-button__link wp-element-button\" data-placement=\"Promotional banner\">Explore Now<\/a><\/div>\t\t\t<\/div>\n\n\t\t\t\t\t\t\t<div class=\"c-block-house-ad__image-wrapper\">\n\t\t\t\t\t<div class=\"c-block-house-ad__image\">\n\t\t\t\t\t\t<img decoding=\"async\" class=\"c-block-house-ad__icon-img\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Mortgage-32-1.svg\" alt=\"Ad Icon\" style=\"max-width: 200px; max-height: 200px;\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"refi\">Is renewing a mortgage the same as refinancing?<\/h2>\n\n\n\n<p class=\"\">The two processes are similar in that they both result in a new mortgage contract, but renewing a mortgage is not the same as refinancing.&nbsp;<\/p>\n\n\n\n<p class=\"\">A renewal is an extension of a mortgage contract that might involve changes to the interest rate, amortization period or term. <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-to-refinance-mortgage\">Refinancing a mortgage<\/a> requires <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/penalty-for-breaking-mortgage\">breaking your mortgage contract<\/a> and signing a new one.<\/p>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-tablepress\"><div class=\"c-tablepress-table-wrapper\" style=\"overflow-x: auto;\">\n<table id=\"tablepress-311\" class=\"tablepress tablepress-id-311\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\"><\/th><th class=\"column-2\">What happens?<\/th><th class=\"column-3\">When does it happen?<\/th><th class=\"column-4\">What are the risks?<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\">Mortgage renewal.<\/td><td class=\"column-2\">Homeowners and lenders work together to craft an updated mortgage contract.<\/td><td class=\"column-3\">At the end of each mortgage term.<\/td><td class=\"column-4\">Being offered a higher interest rate.<br \/>\n<br \/>\nNot being offered a renewal.<br \/>\n<br \/>\nIf you renew with a different lender, you may incur fees and face tighter qualification guidelines than if you renewed with your current lender.<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\">Mortgage refinance.<\/td><td class=\"column-2\">If a homeowner decides they would be happier with a different mortgage, and their current contract won\u2019t allow for the desired changes, they break their current mortgage and negotiate a new one.<br \/>\n<br \/>\nRefinancing is up to the borrower.<br \/>\n<\/td><td class=\"column-3\">There\u2019s no schedule or timeline.<\/td><td class=\"column-4\">Prepayment penalties, which can be especially high if you have a fixed-rate mortgage.<br \/>\n<br \/>\nRequalifying and facing a new mortgage stress test.<br \/>\n<br \/>\nAdministrative, legal and home appraisal fees.<br \/>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-faq c-block-faq\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><div class=\"c-block-faq__wrapper\"><div class=\"c-block-faq__header\"><h2 class=\"c-block-faq__title\">Frequently asked questions about mortgage renewal<\/h2><\/div><div class=\"c-block-faq__section-list\">\n<div class=\"wp-block-nerdwallet-blocks-faq-section\"><div class=\"c-block-faq-section c-block-accordion-wrapper\"><div class=\"c-block-accordion-list\">\n<div class=\"c-block-faq-item c-block-accordion-item c-block-accordion-item--active\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\"><strong><strong>Do banks check my credit during a mortgage renewal?<\/strong><\/strong><\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\">Your credit could be checked during the mortgage renewal process. Your current lender might conduct a soft credit check when deciding whether to renew your mortgage. If you renew with a different lender, you\u2019ll have to go through the mortgage application process, which will definitely involve a <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-a-soft-credit-inquiry\">hard credit inquiry<\/a>.&nbsp;<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"c-block-faq-item c-block-accordion-item c-block-accordion-item--active\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\"><strong>What happens if I don\u2019t renew my mortgage?<\/strong><\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div id=\"cited\" class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n\n<p class=\"\">Certain lenders will automatically renew your mortgage, possibly for a short term at a higher interest rate. If your mortgage doesn\u2019t automatically renew, and you take no steps to renew it before the renewal date, the remainder of your mortgage will be due in full.<\/p>\n\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 class=\"nwb-authors__title\">\n\t\t\tAbout the Author\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Clay Jarvis photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<strong>Clay Jarvis<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Clay Jarvis is NerdWallet\u2019s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" title=\"Read more about Clay Jarvis\">\n\t\t\t\t\t\t\t<span>Read more about Clay Jarvis and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-24745\" class=\"c-block-card post-24745 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-syndication cluster-mortgage-syndication\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/3-ways-to-take-on-a-budget-busting-mortgage-renewal\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/02\/GettyImages-1365822258-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"3 Ways to Take on a Budget-Busting Mortgage Renewal\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/3-ways-to-take-on-a-budget-busting-mortgage-renewal\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\t3 Ways to Take on a Budget-Busting Mortgage Renewal\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>With interest rates still high, renewing your mortgage probably won\u2019t be the best part of your 2024. If you\u2019re worried about the impending cost of your home loan, keep these strategies in mind.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-24745 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-23435\" class=\"c-block-card post-23435 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-calculator cluster-all-mortgage-calculators\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/canada-mortgage-affordability-calculator\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/02\/GettyImages-1369972502-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Calculator: How Much Mortgage Can You Afford?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/canada-mortgage-affordability-calculator\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tCalculator: How Much Mortgage Can You Afford?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Use our mortgage affordability calculator to see how your interest rate, down payment and debt ratios affect your housing budget.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-23435 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-4597\" class=\"c-block-card post-4597 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-rates cluster-compare-mortgage-rates\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-rates-canada\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"198\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/GettyImages-1270110980-e1647903056478-460x198.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"The Best Mortgage Rates in Canada\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-rates-canada\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tThe Best Mortgage Rates in Canada\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Quickly explore Canadian mortgage rates from bank and non-bank lenders. Find the best fixed or variable mortgage rate for your home buying needs.  <\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-4597 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-14245\" class=\"c-block-card post-14245 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-calculator cluster-all-mortgage-calculators\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/canada-mortgage-payment-calculator\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/11\/GettyImages-1371867761-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Mortgage Payment Calculator\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/canada-mortgage-payment-calculator\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tMortgage Payment Calculator\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Use our mortgage payment calculator to estimate your monthly mortgage payments in Canada. Enter your loan details to get an accurate and quick assessment of your mortgage costs.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-14245 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>You\u2019ll likely go through the mortgage renewal process several times before you pay off your mortgage in full. Here\u2019s how to renew a mortgage, including tips for keeping down costs and finding the best deal. <\/p>\n","protected":false},"author":4,"featured_media":1554,"parent":106,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":"[\"https:\\\/\\\/news-api.apple.com\\\/sections\\\/258a2d7c-962b-47be-93aa-4e3a3f4b4a02\"]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":""},"content-classification":[16],"topic":[116],"cluster":[230],"pp_author":[87],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mortgage Renewal In Canada - NerdWallet<\/title>\n<meta name=\"description\" content=\"Mortgage renewal means signing a new mortgage contract for your next term. Find out all you need to know about renewing a mortgage in Canada.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Renewal In Canada - NerdWallet\" \/>\n<meta property=\"og:description\" content=\"Mortgage renewal means signing a new mortgage contract for your next term. Find out all you need to know about renewing a mortgage in Canada.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works\" \/>\n<meta property=\"og:site_name\" content=\"NerdWallet Canada\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NerdWallet\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-20T17:56:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/08\/How-to-Renew-Your-Mortgage-e1629235133694.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2121\" \/>\n\t<meta property=\"og:image:height\" content=\"880\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@NerdWallet\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"11 minutes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data2\" content=\"Clay Jarvis\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works\",\"name\":\"Mortgage Renewal In Canada - NerdWallet\",\"isPartOf\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#website\"},\"datePublished\":\"2021-08-17T21:25:01+00:00\",\"dateModified\":\"2024-12-20T17:56:10+00:00\",\"description\":\"Mortgage renewal means signing a new mortgage contract for your next term. Find out all you need to know about renewing a mortgage in Canada.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.nerdwallet.com\/ca\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mortgages\",\"item\":\"https:\/\/www.nerdwallet.com\/ca\/mortgages\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"How Mortgage Renewal Works In Canada\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#website\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/\",\"name\":\"NerdWallet Canada\",\"description\":\"NerdWallet, make all the right money moves.\",\"publisher\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.nerdwallet.com\/ca\/?s={search_term_string}&submit=Search\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-CA\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#organization\",\"name\":\"NerdWallet Canada\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg\",\"contentUrl\":\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg\",\"width\":1,\"height\":1,\"caption\":\"NerdWallet Canada\"},\"image\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/NerdWallet\",\"https:\/\/twitter.com\/NerdWallet\",\"https:\/\/www.instagram.com\/NerdWallet\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Mortgage Renewal In Canada - NerdWallet","description":"Mortgage renewal means signing a new mortgage contract for your next term. Find out all you need to know about renewing a mortgage in Canada.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works","og_locale":"en_US","og_type":"article","og_title":"Mortgage Renewal In Canada - NerdWallet","og_description":"Mortgage renewal means signing a new mortgage contract for your next term. Find out all you need to know about renewing a mortgage in Canada.","og_url":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works","og_site_name":"NerdWallet Canada","article_publisher":"https:\/\/www.facebook.com\/NerdWallet","article_modified_time":"2024-12-20T17:56:10+00:00","og_image":[{"width":2121,"height":880,"url":"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/08\/How-to-Renew-Your-Mortgage-e1629235133694.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@NerdWallet","twitter_misc":{"Est. reading time":"11 minutes","Written by":"Clay Jarvis"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works","url":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works","name":"Mortgage Renewal In Canada - NerdWallet","isPartOf":{"@id":"https:\/\/www.nerdwallet.com\/ca\/#website"},"datePublished":"2021-08-17T21:25:01+00:00","dateModified":"2024-12-20T17:56:10+00:00","description":"Mortgage renewal means signing a new mortgage contract for your next term. Find out all you need to know about renewing a mortgage in Canada.","breadcrumb":{"@id":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-mortgage-renewal-works#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.nerdwallet.com\/ca\/"},{"@type":"ListItem","position":2,"name":"Mortgages","item":"https:\/\/www.nerdwallet.com\/ca\/mortgages"},{"@type":"ListItem","position":3,"name":"How Mortgage Renewal Works In Canada"}]},{"@type":"WebSite","@id":"https:\/\/www.nerdwallet.com\/ca\/#website","url":"https:\/\/www.nerdwallet.com\/ca\/","name":"NerdWallet Canada","description":"NerdWallet, make all the right money moves.","publisher":{"@id":"https:\/\/www.nerdwallet.com\/ca\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.nerdwallet.com\/ca\/?s={search_term_string}&submit=Search"},"query-input":"required name=search_term_string"}],"inLanguage":"en-CA"},{"@type":"Organization","@id":"https:\/\/www.nerdwallet.com\/ca\/#organization","name":"NerdWallet Canada","url":"https:\/\/www.nerdwallet.com\/ca\/","logo":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/","url":"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg","contentUrl":"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg","width":1,"height":1,"caption":"NerdWallet Canada"},"image":{"@id":"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/NerdWallet","https:\/\/twitter.com\/NerdWallet","https:\/\/www.instagram.com\/NerdWallet"]}]}},"_links":{"self":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/1553"}],"collection":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/comments?post=1553"}],"version-history":[{"count":66,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/1553\/revisions"}],"predecessor-version":[{"id":77402,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/1553\/revisions\/77402"}],"up":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/106"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/media\/1554"}],"wp:attachment":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/media?parent=1553"}],"wp:term":[{"taxonomy":"content-classification","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/content-classification?post=1553"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/topic?post=1553"},{"taxonomy":"cluster","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/cluster?post=1553"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pp_author?post=1553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}