At the end of your mortgage term, so long as you still owe a balance, you will need to renew your mortgage for another term. With each mortgage renewal comes the opportunity to assess your current mortgage and compare it to any new financial goals you may have. Your current mortgage provider will send you a renewal slip in the mail that you could easily sign and send back, but if you want to ensure all of your needs are met, I suggest taking this proactive approach with your next mortgage renewal:


1. Start Shopping 3 Months Before Your Term is Up

Mark your current mortgage term’s maturity date on the calendar, then count back 90 days (~3 months) and mark that too; this is the date you would want to start talking to your mortgage broker to determine what your options are.

2. Consider Your Financial Goals

A lot can happen throughout your current mortgage term. Your financial goals at the beginning of your current mortgage term may no longer match up with your goals today. You could have received a substantial raise at work, lost some income or even retired. You may have had a baby, or need to pay for your child’s university tuition. If there’s any chance you’ll need to move in the next 5 years that should be factored into your decision. Or if you think you want to access some equity, you should be mindful of that too. Whatever your needs are, make sure you consider them when discussing a mortgage rate, term and product with your broker.

3. Outline Your Mortgage Needs

Along with your other financial goals, you should make a list of what you’re looking for in a mortgage product. A few questions to ask yourself first:

  • Does your monthly budget have room for you to increase your mortgage payment amount?
  • Do you think you’ll receive any bonuses or inheritances that you could put towards your mortgage?
  • Do you think you’ll have the option to pay off your mortgage entirely, in this next term?
  • Do you think you will want to borrow more money from your lender during this next term?
  • Is there any chance you’ll be selling your home and/or moving in the next 5 years?

If you might think any of these may apply to you it is important to discuss this with your mortgage broker to determine the best product to renew your mortgage into.