Mortgage Renewal

When the mortgage term has concluded, your mortgage is up for renewal unless you repay the remaining balance in full. If your mortgage contract is with a federally regulated financial institution, such as a bank, the lender must provide you with a renewal statement at least 21 days before the Maturity Date. Your lender must also notify you 21 days before the Maturity Date if they have decided that they will not renew your mortgage. Unregulated lenders tend to follow the same practice.

There are pros and cons to renewing with your existing Lender but Borrowers should be prepared to look around for alternatives for their renewal mortgage in order to negotiate the best rate. Be sure to compare the renewal offer from your existing Lender to what is available in the market. One advantage of renewing with your existing Lender is a simplified Underwriting process. If you renew with a new Lender, that Lender will need to conduct a full Underwriting to approve you as a new Mortgage customer.

>> Is your mortgage coming up for renewal?

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About The Author

Don Scott

Don Scott is the founder of a challenger mortgage brokerage that is focused on improving access to mortgages. We can eliminate traditional biases and market restrictions through the use of technology to deliver a mortgage experience focused on the customer. Frankly, getting a mortgage doesn't have to be stressful.

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Managing Uncertainty in Today’s Mortgage Market

By Don Scott • May 27, 2025

Feeling hesitant about entering the housing market today due to political or economic uncertainty is understandable. The landscape can seem unpredictable—interest rates shift, housing supply fluctuates, tariff news hits the headlines and policies change. As a mortgage broker, we see this uncertainty every day. But here’s the truth: while there is much beyond your control, mastering the factors that you can control is what will make the biggest difference in your journey to homeownership.