Mortgage renewals
& refinances in Ontario
Don't just sign what they send
Proudly partnered with lenders across Ontario
When your mortgage term ends, you have two main options. A renewal keeps your mortgage with your current lender, giving you a chance to review rates, adjust terms, and ensure your mortgage still fits your life. Refinancing replaces your mortgage with a new one, which can help access equity, consolidate debt, lower payments, or adjust the loan structure to better meet your financial goals.
Your renewal is
a fresh start
Rate negotiation
I shop your renewal across multiple lenders to make sure you're not leaving money on the table by defaulting to your current one.
Term review
Your life may look very different than it did five years ago. I'll help you choose a term that reflects where you're headed now.
Early renewal
You don't have to wait until your term ends. Starting the conversation 90 to 120 days early can lock in a better rate.
No pressure
I lay out your options clearly and honestly so you can make a confident decision that's right for your family, not your lender.
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Understanding
mortgage renewal
What it is
Mortgage renewal is the process of reviewing and updating your existing home loan, selecting new terms, rates, and conditions for your needs.
Who it’s for
Homeowners approaching the end of their mortgage term who want to review options, secure the best rate, and plan strategically for stability.
When it helps
It ensures your mortgage continues to fit your lifestyle, maximizes savings, and keeps your family’s financial plan aligned with long-term goals.
Frequently asked
questions
Get answers to the questions I hear most about renewals and refinances!
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Absolutely not, and this is one of the most important things I want every client to understand. When your term ends, you're completely free to take your mortgage elsewhere, and in many cases doing so can save you thousands of dollars. Your current lender knows that most people will simply sign the renewal offer out of convenience, which is why the rates they send out aren't always their most competitive. Shopping the market at renewal costs you nothing and could result in a meaningfully better rate, improved prepayment privileges, or more flexible terms. I handle all of that on your behalf so the process is smooth and straightforward, with no disruption to your day-to-day life.
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I'd recommend reaching out to me 90 to 120 days before your mortgage term ends, and many lenders will let you lock in a rate during that window without any penalty. Starting early gives us time to properly review your options, compare lenders, and make a thoughtful decision rather than a rushed one. It also protects you from rate movement, since if rates rise in the weeks before your renewal date, you'll already have a rate secured. Even if you're not sure your term is ending soon, it's always worth a quick conversation to check where things stand. I'm happy to take a look at your current mortgage and give you an honest read on whether switching or staying makes more sense for your situation.
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The cost of refinancing depends on a few things, the biggest of which is whether you're breaking your current mortgage mid-term. If you have a variable-rate mortgage, the penalty for breaking it early is typically three months of interest, which is relatively predictable and often manageable. For fixed-rate mortgages, the penalty can be significantly higher because it's calculated using the Interest Rate Differential, which compares your rate to current rates for the remaining term. Beyond the penalty, there may also be legal fees, an appraisal fee, and discharge fees from your current lender. I always walk my clients through the full cost picture before recommending a refinance, because the goal is always to make sure the numbers genuinely work in your favour before we move forward.
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Yes, and for many families this is one of the smartest financial moves they can make. If you've accumulated high-interest debt on credit cards or personal loans, rolling that into your mortgage at a much lower rate can meaningfully reduce your monthly payments and free up cash flow. Because your mortgage rate is almost always lower than the rate on unsecured debt, consolidating can save you a significant amount in interest over time. That said, it's important to go into it with a solid plan, because extending the repayment of that debt over a longer amortization means you need to be strategic about paying it down. I'll help you look at the full picture and structure the refinance in a way that actually moves your family forward financially.
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Renewing your mortgage means you're keeping your existing mortgage structure but starting a new term, usually with a new rate and updated conditions. Refinancing is a bigger change where you're essentially replacing your current mortgage with a new one, often to access equity, consolidate debt, change your amortization, or switch to a different lender mid-term. Refinancing before your term ends typically involves breaking your existing mortgage, which can come with a penalty, so it's important to weigh the cost of that penalty against the benefit of refinancing. Sometimes the math works strongly in your favour, and sometimes it makes more sense to wait until renewal. That's exactly the kind of analysis I love doing with clients so we can figure out the right timing and approach for your specific situation.
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In Canada, most lenders will allow you to refinance up to 80% of your home's appraised value, which is known as the loan-to-value ratio. So if your home is worth $800,000 and you currently owe $500,000 on your mortgage, you may be able to access up to $140,000 in equity through a refinance. The exact amount available to you will depend on your income, credit, and the specific lender we work with. It's also worth noting that if you're accessing equity, an updated home appraisal is typically required so the lender can confirm the current value of your property. I'll walk you through exactly what's available to you based on your situation and help you decide whether accessing that equity now is the right move for your family.
Let's make sure your mortgage still works for you
Whether your renewal is coming up soon or you've been wondering if refinancing might make sense for your family, I'd love to have that conversation with you. I'll give you a clear, honest picture of your options and help you make the decision that's right for where you're headed.
You've worked hard for your home and the equity inside it. Let's make sure your mortgage is actually working just as hard for you. Reach out by phone, email, or text and let's get started. I'm here 9am to 9pm, seven days a week, whenever you're ready.