What Happens If You Miss Your Renewal Date?
Life gets busy. Your renewal date passes, and you haven’t signed anything. What happens now? Don’t panic — but do act quickly.
The Automatic Conversion
If you don’t sign a renewal before your term ends, most lenders will automatically convert your mortgage to their open variable rate — which is typically much higher than standard rates. This protects them (and technically you) from a payment gap, but it’s expensive.
The Silver Lining
Open mortgages, while expensive, have no prepayment penalty. This means you can still renew or switch lenders at any time. You’re not locked in — you’re just paying a premium until you take action.
💡 Act Quickly
Every month on an open rate costs you money. Contact us immediately if you’ve missed your renewal. We can often get you into a new term within 2-3 weeks and stop the bleeding.
How to Avoid This Situation
- Set calendar reminders: 6 months and 4 months before maturity
- Work with a broker: We track your renewal date and reach out proactively
- Start early: 4-6 months before maturity gives you plenty of time
Elevation Mortgage
Brokerage: Mortgage Connection · Licensed in Alberta and British Columbia
Julie & Andy Jeffery — independent mortgage brokers serving Calgary, Nelson BC,
and clients across Alberta and British Columbia.
© 2026 Elevation Mortgage · Independent Mortgage Brokers · Serving Alberta & BC