Before your term ends
- Your lender should send you a renewal statement before your term ends. Read it closely.
- You do not have to sign with the same lender. You can shop around and compare offers.
- Think about the term length and whether a fixed or variable rate fits you.
Look at your budget
If your payment changes, update your budget. If it goes up, look for room now so it does not cause stress later.
Check your protection
Renewal is a good time to check that your family could keep the home if something happened to you. If you have lender mortgage insurance, review what it covers. Use the family calculator for a quick check.
Learn more from the Government of Canada
This guide is general education, not personal advice. Rules can change, so check the official sources above.