When Should I Renew My Mortgage in Ontario?

If you’re coming up on your mortgage renewal date, you might be wondering when the best time is to start the process. Generally, most lenders will send a renewal notice about four months before the end of your term, but it’s wise to start exploring options even earlier. By getting a head start, you can compare current rates, terms, and lender offers without the pressure of an impending deadline. This is especially helpful if you’re hoping to secure a more favorable rate or better terms.

Renewing early can sometimes come with penalties, but in a rising interest rate environment, it might be worth it if you lock in a lower rate sooner. Plus, many lenders offer “rate holds,” which means they’ll secure a rate for you up to 120 days in advance. This can protect you against potential rate hikes while giving you time to weigh your options.

Not sure when to pull the trigger on renewal? I’m here to guide you through the timing and considerations based on your unique situation. By understanding your goals, I can help you decide if early renewal is the right choice or if waiting will better suit your needs.

Reach out today to discuss your options.