Guide to Mortgage Renewals

A guide to renewing your mortgage and ensuring your term and rate work for you. If you're ready for personalized advice, go ahead and click "get started" below.

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Let’s talk renewals

If you like your mortgage lender and their renewal offer, why rock the boat, right? It sounds renewing is a straightforward decision and a simple process, but there are a few things to keep in mind. You might have the opportunity to negotiate a lower rate or more favourable terms, or consolidate debt or make another move that benefits you well into the future.

A fresh take on mortgage renewals

Robinson Mortgage knows mortgage renewals inside and out. We can take a look at your existing rate, and quickly let you know if it’s worth renewing or seeking a new option. And if renewing is the way to go, we’ll investigate every opportunity to improve any aspect of your deal. Or at least help you get the best possible rate and terms for your situation.

We’ve helped countless people in the Fraser Valley renew their mortgages, and we’ll help you too. It’s what we do.

Mortgage Renewal FAQ

If my mortgage is set to auto-renew, why do I need Robinson’s help?

It’s true, some mortgages are set to automatically renew with no action by you. But the chance of your mortgage auto-renewing at the best available rate is low. Simply put, you can probably do better. And Robinson can help you find the best offer and consider your options.

Instead of accepting the auto-renew terms on the table by your current lender, why not take this opportunity to see if you can find a better rate or more favourable terms? Maybe another lender has a better offer, or maybe your existing lender can do better. A few fractions of a percent can make a big difference on a mortgage, and the opportunity to improve your rate without penalty only arises when your mortgage is up for renewal. Plus, there’s no cost to you to investigate your options.
When should I look for an offer of renewal from my lender?

Federally regulated mortgage lenders are required to send a renewal notice three weeks before the end of your term, but many will reach out four to six months before the end of your term.
When should I start looking into a renewal or new mortgage?

No time like the present! It’s best to get a head start on it, so you have lots of time for your mortgage professional to look for better offers and to get your necessary documents in order, if any are required. We’d recommend reaching out around six months before the end of your term, but anytime is a good time to consider your mortgage options.
Does a mortgage renewal cost me anything?

If you simply renew your current mortgage, there is no cost to you. If you want to change your terms or break your mortgage before the term ends, there may be an associated cost. We can let you know if and when you’ll experience any added costs.
Will I need to get re-approved for my mortgage if I renew?

If you renew with your existing lender for the amount outstanding on your current mortgage, and you’ve made all your payments on time, you shouldn’t have to requalify. If you don’t renew, and you opt to switch lenders, you’ll need to complete a mortgage application for approval.
Is renewing the same as refinancing?

No. Refinancing means you get a new mortgage with a different lender or you increase the amount you are borrowing. Maybe you want to consolidate your debt or complete a renovation. This would require you to seek a larger mortgage than you currently have outstanding through refinancing.

Renewing your mortgage means you’ll continue to pay off the amount of your mortgage that is outstanding at the end of your term. Your rate may change, based on the market, but you don’t add to the balance you owe.
What if I’ve left it too late?

If your renewal date is coming up fast and you haven’t looked into other options, it’s no problem. We will ask your current lender to renew on an open-term mortgage, which allows you to continue to make interest-only payments while we look for other options. When we find a new option you’re happy with, we’ll end the open-term mortgage.

Hear from a few of our happy customers

Val Meyer

Matt was wonderful when we were buying and selling our house. As soon as we had a place we were considering, he would crunch the numbers for us and see if it was doable or not. Hes very quick in response time and easy to communicate with. This is our second time using him and we will continue to use his services in the future. Thanks Matt!

Nico Abais

As a first-time home buyer, my first resolve was to search for information online and sure enough I find bits of information all over the place. Then we were introduced to Matt. He will answer all your questions in a timely manner and guide you with the whole process and expectations. Matt will work his way to get you the best rate!

Tash Stobbart

Robinson Mortgage were very helpful in obtaining our first mortgage. We had difficulties dealing with banks because my husband is a contractor and has multiple T4’s and his income tax is complicated but Matt and his team made it easy. I would highly recommend to anyone looking for a mortgage and in fact I have sent friends his way.

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Expert mortgage advice is just a phone call away

Got questions? We’re happy to help. Reach out anytime or schedule a time that works for you. And we’ll help you get closer to your dream home.

Meet Matt

Robinson Mortgage is owned and operated by Matt Robinson, a professional mortgage broker based in British Columbia’s beautiful Fraser Valley. Matt has helped countless people in Abbotsford, Chilliwack, Mission and beyond navigate the process of finding financing for their home. Whether you’re buying your first place, consolidating your mortgage, or getting ready for a future purchase, Matt is your man with a mortgage plan.
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