Your Rights and Responsibilities: Mortgages

Renewal of your mortgage

When you renew your mortgage

At the end of your mortgage term, if your lending institution wants to renew your mortgage, it must provide you with a new statement at least 21 days before the end of your existing term. This statement must contain the same information as when you apply for a new mortgage, and may be combined with a mortgage renewal agreement. If the lending institution decides not to renew your mortgage, it must notify you of this decision at least 21 days before the end of your term.

You are not obliged to renew your mortgage with the same institution. If you want to consider another institution's products, leave yourself time to research what is available, so that you don't have to make a rushed decision. If you do want to look at alternatives, start your inquiries approximately four months before your renewal date. You may want to contact a number of mortgage brokers and lending institutions to find out what is available and to identify the mortgage and conditions that best suit your needs. If you don't shop around and negotiate, your mortgage will likely be renewed automatically, and you may not obtain the interest rates and conditions you might otherwise have been able to negotiate.