Mortgage Renewal: A Real Opportunity
Mortgage renewal isn’t just a simple formality — it’s a real opportunity to save money, adjust your financial strategy, and regain control of your budget.
Yet many homeowners accept their bank’s offer without thinking, assuming it’s necessarily the best. In reality, without comparison, it’s impossible to know if the rate, terms, and strategy offered truly work in your favour.
At Hypotheques.ca, we help hundreds of homeowners every year with the renewal or renegotiation of their loan, completely independently.
10 Essential Tips for Your 2025 Mortgage Renewal
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Start your process 4 to 6 months before maturity
Don’t let your institution decide for you. By starting your process 120 to 180 days before the end of your term, you give yourself time to evaluate offers, compare strategies, and choose the most advantageous solution — without stress or rushing.
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Re-evaluate your financial situation
Since your last term, many things may have changed: your income, your debts, your projects, or your priorities. Renewal is the ideal time to review your mortgage strategy according to your current reality, with the help of an independent broker who will guide you through the best market options.
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Compare rates… but also the terms
The rate is only one element among others. A poorly adapted contract can cost you dearly. Also examine:
- Prepayment penalties
- Accelerated payment options
- Loan portability
At Hypotheques.ca, we compare offers from multiple lenders for you: MCAP, First National, Desjardins, Manulife, Wisesay, CMLS, Capital Express, Merix, Lendwise, Scotia, TD, CIBC, B2B, National Bank, Laurentian Bank, Home Trust, Equitable Bank, Haventree, and many others.
Our objective: find the most advantageous combination according to your profile and goals.
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Check your credit file
A good credit score (generally above 700) can make all the difference. Before renewing, check your file and correct any errors. A small adjustment can translate into a lower rate and better terms. Our brokers can guide you to improve your credit habits.
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Adjust your amortization
Renewal is also the right time to modify your amortization period. Want to pay off faster? Shorten the term. Prefer to reduce your payments? Extend it slightly. The key is to choose what best suits your current financial situation.
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Consider mortgage refinancing
Has your property increased in value? You could use this equity (the portion of property you actually own) to finance renovations, consolidate high-interest debts, or invest in another project. A well-structured refinancing can relieve financial stress, reduce overall payments, and rebalance your budget.
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Don’t automatically sign your bank’s offer
Your institution will likely send you a pre-approved offer. It seems quick and simple, but it’s rarely the most advantageous one. An independent broker can often obtain better terms.
A difference of only 0.25% on a $400,000 loan equals roughly $5,000 in savings over 5 years — not to mention the penalties that vary widely from one bank to another.
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Take advantage of renewal to review your finances and financial products
Renewal is an ideal time to review your financial products: lines of credit, insurance, investments, debts, or retirement planning. A coherent strategy across all your products can help you save money and simplify budget management.
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Get help from a mortgage broker
A mortgage broker works for you, not for the bank. At Hypotheques.ca, we analyze your profile and needs, compare offers from multiple institutions, negotiate the best market terms, and present options clearly and transparently — at no cost in most cases.
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Take advantage of renewal to review your long-term plan
Your mortgage is at the heart of your financial strategy. Take time to reflect on your goals:
- How can you optimize your budget?
- How can you become a debt-free homeowner more quickly?
- Is your current product still best suited to your projects?
At Hypotheques.ca, we build with you a personalized strategy that goes beyond the simple interest rate.
In Summary
Mortgage renewal is an opportunity not to be missed to save money and better plan your financial future. By starting early and surrounding yourself with an expert, you can negotiate better terms, reduce your payments, and move more confidently toward your goals.
Before signing with your institution, take a few minutes to compare your options with Hypotheques.ca. We analyze your file, market rates, and possible strategies — at no cost or obligation. Contact one of our team’s brokers today: www.hypotheques.ca.
FAQ — Mortgage Renewal
1. When should I start my renewal process?
Ideally between 4 and 6 months before the end of your term, to have time to compare and negotiate the best terms.
2. Am I obligated to renew with the same bank?
No. You’re free to change lenders at renewal time. A broker can help you do this easily.
3. Does changing lenders incur fees?
Not always. Several institutions cover transfer fees to attract new clients. Hypotheques.ca can help you identify these offers.
4. Can a broker get a better rate than my bank?
Often yes. Brokers have access to multiple lenders and negotiate according to your profile, without being limited to a single institution.
5. What’s the difference between a renewal and a refinancing?
Renewal consists of continuing your loan at the end of the term. Refinancing allows you to modify the loan amount (to consolidate debts, finance work, or invest).
