Your mortgage renewal is one of the most significant financial milestones in your homeownership journey. When your current mortgage term reaches its maturity date, you are not obligated to simply sign the renewal offer sent by your existing lender. In fact, doing so without comparing the market can often mean missing out on more competitive interest rates or better-suited mortgage features.
As a Calgary mortgage broker, I specialize in helping Alberta homeowners navigate the renewal process, compare lender offers, and ensure your mortgage terms align with your current financial goals.
Many homeowners fall into the "auto-renewal" trap. Because the process feels convenient, they sign the letter their bank mails them 30 days before maturity without realizing:
It is common to confuse these two terms. Renewing simply means signing a new contract with the same (or new) lender at the end of your term with the same principal and amortization. Refinancing involves breaking your contract before maturity to access home equity, consolidate debt, or significantly alter your payment structure.
Being proactive 90–120 days before your maturity date can save you thousands of dollars over your next term. Use this checklist:
Most lenders allow you to lock in a renewal rate up to 120 days before your maturity date. By starting early, you protect yourself against rising interest rates. If rates happen to fall during that window, you are generally not locked into the higher rate and can usually renegotiate before you sign.
Don’t wait for your lender to dictate your next five years of interest payments. Contact me today to discuss your renewal strategy and let's ensure you are getting the most competitive terms available in the Alberta market.