With over a million Canadian mortgages coming up for renewal in 2025, many homeowners are bracing for increased monthly payments. The good news? There are smart ways to prepare, negotiate, and even save money—if you approach your renewal with the right strategy.
Here are seven key tips to help you confidently navigate your mortgage renewal this year.
1. Start Early—Like, Now
Most lenders let you renew up to 120 days before your term ends without penalty. Don’t wait until the last minute—start reviewing your options now so you can compare rates, negotiate better terms, or even switch lenders if it makes sense.
2. Don’t Automatically Accept Your Lender’s First Offer
Your lender’s renewal offer may not be the most competitive. In fact, it often isn’t. Many Canadians simply sign and return the paperwork—but shopping around (or working with a broker) can unlock lower rates or more flexible terms.
Check out our post:
➡️ Refinancing a Mortgage in Canada and What You Need to Know
3. Understand How Interest Rates Affect You
If you locked in a low rate before 2022, there’s a good chance your new rate will be higher. That doesn’t automatically mean your payments have to skyrocket, but it does mean you need to run the numbers.
Use our free tool to estimate your new monthly costs:
➡️ Mortgage Affordability Calculator
4. Reassess Your Mortgage Goals
Are you planning to move soon? Hoping to pay off your home faster? Or just looking for a bit more financial breathing room each month?
Your renewal is the perfect time to rethink your mortgage goals and make sure your next term matches your life plans—not just what your lender suggests.
5. Consider a Shorter Term
A shorter mortgage term can give you more flexibility and may even come with a lower rate. If you think rates could drop further, or if your situation might change soon, a shorter term could be a smart move.
6. Fixed or Variable? Re-evaluate the Risk
While many Canadians shifted to fixed rates for stability during rate hikes, it might be worth considering variable again—depending on where the market’s heading and your risk tolerance. Ask your broker for a side-by-side comparison.
7. Work With a Broker—Like Us
Brokers aren’t tied to a single lender, and we can often find better deals than your bank’s default offer. More importantly, we’ll help you understand your options and guide you through every step—no pressure, no obligation.
Renew With Confidence
Whether you’re aiming to reduce your payments, refinance for flexibility, or just make sure you’re not leaving money on the table, we’re here to help.
👉 Contact us today to explore your mortgage renewal options in 2025.
