Mortgage Renewal - Why you Shouldn't Just Sign Your Bank's Offer

If your mortgage renewal is coming up, your lender will likely send you a renewal offer weeks or months in advance. For many homeowners in Edmonton and Calgary, it can be tempting to simply sign and move on.

But taking a few minutes to review your options could make a meaningful difference in your monthly payments and overall financial well-being.

A cozy living room that feels like home.

What Happens at Renewal?

In Canada, most mortgage terms are between 1–5 years. When your term ends, your mortgage doesn’t disappear — it renews.

Your lender will typically offer:

• A new interest rate

• A new term

• Updated payment options

  
  

What they don’t always provide is a comparison of what’s available elsewhere.

Why It's Worth Reviewing Your Options

1. Your Bank May Not Offer the Most Competitive Rate

Your current lender may offer a convenient option, but it may not reflect all available products in the market.

Different lenders offer:

• Different rates

• Different terms

• Different flexibility (prepayments, penalties, etc.)

  
  

2. Your Needs May Have Changed

Since your last term, your situation may be different:

• Income changes

• Debt levels

• Family changes

• Financial goals

  
  

Your mortgage should reflect where you are now — not where you were 3–5 years ago.

3. You May Have More Flexibility Than You Think

At renewal, you can often:

• Switch lenders

• Change your term

• Adjust your payment structure

  
  

Many homeowners assume they are locked in — but that’s not usually the case.

When Should You Start Looking?

Ideally, you should review your options 90–120 days before your renewal date.

This gives you time to:

• Compare options

• Understand costs (if any)

• Make an informed decision

  
  

Final Thought

Renewing your mortgage is one of the easiest times to reassess your options — and potentially improve your overall mortgage structure.

Even a quick review can help ensure your mortgage still aligns with your goals.

If your mortgage is coming up for renewal in Edmonton, Calgary, or anywhere in Alberta, feel free to reach out. I’m happy to walk through your options and help you make a confident decision.