We compare prices on phone plans, car insurance and internet. Yet when the mortgage renewal letter arrives, many Ontario homeowners simply sign it and send it back. It's easy — and that convenience can quietly cost you thousands over your next term.
Why the first offer is rarely the best one
Your lender knows that most people renew without shopping around. The renewal rate you're mailed isn't necessarily the best rate available to you — it's the rate they expect you'll accept.
Your life has changed since you signed
A lot can happen in five years. Maybe you're planning a renovation, want to invest, need to consolidate debt, or hope to help your kids buy their first home. Renewal is the natural moment to restructure your mortgage around where you are today, not where you were last term.
How to take control of your renewal
- Start early — about 120 days before your maturity date.
- Compare rates and terms from multiple lenders, not just your current bank.
- Review your goals: payment size, prepayment options, flexibility, and whether you need access to equity.
- Don't settle for the default.
How a mortgage agent helps
As a licensed mortgage agent with TMG The Mortgage Group, I compare options from many lenders on your behalf — at no cost to you in most cases — so your renewal fits your life today.
Renewing in Ottawa or anywhere in Ontario? Reach out and let's review your options before you sign.