The 120-day plan
Do not wait for your renewal date
Start early enough to compare the rate, penalties, privileges and lender conditions without being rushed.
120 days
Review your goals
Confirm balance, maturity and future plans.
Pause before the next stage if a requirement is unresolved.
Details vary by borrower, property, program and lender. This visual organizes the conversation; it does not determine eligibility.
How the decision works
A renewal offer has more than one number
- 01
Rate
The price of borrowing, not the whole decision.
- 02
Penalty
How the lender calculates an early-break cost.
- 03
Privileges
Prepayments, portability and payment flexibility.
- 04
Future plan
Selling, refinancing or changing cash flow during the term.
Evidence stack
Prepare the comparison file
Decision path
Three possible renewal paths
Path 1
Stay
Negotiate with the current lender and confirm all terms.
Stop gates
Resolve these before relying on the plan
These visuals organize questions for your professional team. They are not an approval, legal opinion or personalized recommendation.
Detailed guide
Overview
If your mortgage is coming up for renewal in 2026, your bank will send you a renewal letter about 4-6 months before your term expires. It will look simple: just sign here and continue. That is exactly what they want you to do.
An initial renewal offer may not reflect the strongest option available for your needs. Compare the full terms before signing, because convenience can carry a meaningful long-term cost.
The Real Cost of Auto-Renewing
Even a modest rate difference can materially affect monthly payments and interest over a term. Use current written quotes and a term-specific calculation before deciding:
- Compare payment and interest over the same term and amortization.
- Include discharge, transfer, appraisal, or legal costs where applicable.
- Review prepayment privileges and penalties, not only the rate.
When to Start Shopping (Timeline)
The ideal renewal timeline:
- 120 days before expiry: Contact a mortgage broker to start comparing rates. Many lenders offer rate holds for 90-120 days.
- 90 days before: Compare and, where appropriate, secure a suitable option. Rate-hold and repricing policies vary by lender.
- 60 days before: Finalize your decision — stay with your current lender or switch.
- 30 days before: Complete the paperwork. If switching, your new lender handles the transition.
- Renewal date: Seamless transition to your new rate and terms.
Switching Lenders Is Easier Than You Think
Many homeowners stay with their bank because they think switching is complicated. In reality, a standard renewal switch involves minimal paperwork, no legal fees in most cases (the new lender often covers them), and no home appraisal required for most straightforward switches.
Your mortgage broker handles all the heavy lifting. You just sign the new documents.
What We Do for Renewal Clients
At Echelon7 Mortgages, we compare suitable renewal options across lenders, including the rate, penalties, privileges, and conditions. Compensation and any borrower-paid fees must be disclosed and can vary by transaction. Contact us 4-6 months before your renewal date for a review.