Mortgage Renewal vs Refinance: Understanding the Difference

Mortgage renewal occurs when your current mortgage term expires (typically every 1-5 years). You can renew with your existing lender or transfer to a new lender to secure better terms.

Lender sends renewal notice 4-6 months before maturity

Negotiate with current lender or switch to new lender

Refinancing involves replacing your existing mortgage with a new one, often with different terms, amount, or lender. This can be done anytime during your mortgage term, but usually incurs penalties.

• Let us find you better terms before you sign

Learn the key differences between mortgage renewal and refinancing in Canada. Make the right choice to save money and optimize your mortgage terms.