What to do when your term is ending — the letter, the statement, the deadline, and whether to sign or move.
Federally regulated lenders in Canada must send a mortgage renewal letter at least 21 days before the end of your current term. The letter typically
In Canada, a mortgage renewal statement from a federally regulated lender must disclose the remaining principal balance, the new interest rate, the payment amount and
Last updated · October 2026 Quick answer Switching mortgage lenders at renewal is often worth it when the rate savings over the new term clearly
Yes, a meaningful share of Canadians regret their mortgage renewal choices. In CMHC's Mortgage Consumer Survey, 25% of mortgage consumers said they regretted at least
In Canada, if you switch mortgage lenders at renewal on the same loan balance and the same remaining amortization, the new lender is generally not
In a sentence: Since November 21, 2024, most uninsured Canadian borrowers can switch mortgage lenders at renewal without repeating the OSFI B-20 stress test, as
Most Canadians renewing in 2025 or 2026 are likely to see their mortgage payment rise. Borrowers coming off a five-year fixed rate typically face an
A mortgage renewal happens at the end of your term — same lender, same loan amount, new rate. A mortgage refinance is a brand-new mortgage
Please note: This article is for informational purposes only and does not constitute financial advice. Speak with a licensed mortgage professional before making any mortgage
For many mortgage agents in Canada, especially those working with forward thinking brokerages like Pegasus Lending, license renewal can feel like a routine administrative task.
A mortgage renewal calculator is an essential tool for Canadian homeowners nearing the end of their mortgage term. It helps estimate the new payment structure,
The FSRA License is a critical credential for mortgage professionals in Ontario. Administered by the Financial Services Regulatory Authority of Ontario (FSRA), this license allows
