What happens when your mortgage renews in Canada?
A practical timeline for reviewing your balance, comparing offers, and choosing the next term.
Updated 2026-07-26 · Reviewed 2026-07-26
Editorial library
Canadian mortgage guides for real decisions.
Specific, source-backed explanations of renewals, payments, qualification, penalties, and closing—without a lender sales pitch.
Independent guidance · Visible sources
How to prepare for a higher mortgage-renewal rate
Translate a possible rate increase into a monthly budget and compare measured responses.
Updated 2026-07-26 · Reviewed 2026-07-26
Fixed versus variable mortgages at renewal
Compare rate paths, payment behaviour, penalties, and budget tolerance at renewal.
Updated 2026-07-26 · Reviewed 2026-07-26
Should you extend your amortization at renewal?
Understand the payment relief, added interest, qualification, and equity tradeoffs.
Updated 2026-07-26 · Reviewed 2026-07-26
How mortgage lump-sum payments work
Plan a Canadian mortgage lump sum around contract limits, timing, and liquidity.
Updated 2026-07-26 · Reviewed 2026-07-26
Understanding mortgage prepayment penalties
Learn the common Canadian penalty methods and how to request a reliable payout figure.
Updated 2026-07-26 · Reviewed 2026-07-26
How the Canadian mortgage stress test works
Understand the qualifying rate, debt-service ratios, and why passing is not approval.
Updated 2026-07-26 · Reviewed 2026-07-26
What closing costs should Canadian buyers expect?
Build a location-aware closing budget beyond the down payment.
Updated 2026-07-26 · Reviewed 2026-07-26
Monthly versus accelerated biweekly mortgage payments
Compare annual cash flow, interest, and payoff timing across payment schedules.
Updated 2026-07-26 · Reviewed 2026-07-26
Questions to ask your lender before renewing
A focused checklist covering payment, flexibility, penalties, and switching costs.
Updated 2026-07-26 · Reviewed 2026-07-26
Initial editorial drafts are marked for financial and compliance review before material policy changes or individualized recommendations are published.