When Should You Start Your Renewal Process
Your mortgage renewal is one of the best opportunities to save money — or lose thousands if you’re not paying attention. Most Canadians simply sign their bank’s renewal letter without realizing they could get a significantly better rate elsewhere. Here’s when and how to approach your renewal strategically.
The Ideal Renewal Timeline
120 Days Before Maturity — Optimal Start
This is when most lenders allow rate holds. Starting now gives you maximum time to shop, compare options, and lock in protection against rate increases. You have leverage and choices.
90 Days Before — Still Good
Most rate holds are 90-120 days. We can still compare options and get you the best deal without rushing. This is when your current lender will likely send their renewal offer.
30 Days Before — Getting Tight
We can still shop your renewal, but options narrow. Some lenders won’t have time to complete a switch. You may miss out on the best rates, but it’s better than signing your bank’s offer without comparing.
At Maturity — Act Now
If you don’t sign a renewal before your term ends, most lenders automatically convert you to their open variable rate — which is typically much higher than any other option. Contact us immediately.
💡 Pro Tip
Set a calendar reminder for 4 months before your mortgage maturity date. Don’t rely on your bank’s renewal letter to remind you — by then, you’ve lost some of your best negotiating time.
Why Your Bank’s Offer Isn’t Their Best Rate
Banks know that most people simply sign their renewal letter without shopping around. They’re counting on your inertia. The rate they offer you is rarely their best available rate.
Here’s what typically happens:
- Your bank sends a renewal letter with a “competitive” rate
- That rate is often 0.25-0.75% higher than what’s available elsewhere
- When you tell them you’re shopping around, suddenly they can “do better”
- Even their improved offer may not match what a broker can find
What Shopping Your Renewal Can Save
On a $400,000 mortgage:
- 0.25% rate difference: ~$1,000/year or $5,000 over 5 years
- 0.50% rate difference: ~$2,000/year or $10,000 over 5 years
- 0.75% rate difference: ~$3,000/year or $15,000 over 5 years
We regularly find differences of 0.50% or more compared to initial bank renewal offers. That’s real money.
To say Andy cares about his clients is an understatement. I’ve witnessed multiple situations where Andy has gone above and beyond to ensure the outcomes his clients desire are achieved. He is a wealth of knowledge and his professionalism is second to none.
Elevation Mortgage
INDEPENDENT MORTGAGE BROKERS · LICENSED AB & BC
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