Renewing & Renegotiating Your Mortgage

When you bought your home, you most likely signed a mortgage agreement - still the most common form of lending for the purchase of a home - which remains in effect for a certain period (this is called the term).

When your mortgage term comes to an end, you have 3 options:

  1. Pay off your mortgageMortgage renewal
  2. Renew for another term 
  3. Switch your mortgage to another lender

The end of your term is a good opportunity to reassess what you need in a mortgage and to look for mortgage options that better fit your needs today. In some cases, you might want to renegotiate your mortgage before the term ends.

You might want to renegotiate your mortgage if your financial situation has changed. Or perhaps you might want to take advantage of changes in the interest rates that are available from mortgage lenders.

Renegotiating generally involves breaking your mortgage contract and may result in some significant costs. Before taking this step, it’s important to consider carefully the costs and benefits.

Whether you plan to renew or renegotiate, knowing what questions to ask can help you get the best mortgage for your needs.


The Financial Consumer Agency of Canada has prepared and provided some helpful information on how the process works, what to expect and possible outcomes of either renewing or renegotiating your mortgage.

If you are currently searching for a new institution to switch your mortgage to, please allow us to refer you one of The Jay Magnussen Real Estate Team's most trusted mortgage professionals.  


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