Renewal checklist
Mortgage renewal checklist and timeline
Enter your maturity date to get your renewal timeline, then tick off the ten steps. Your progress stays in this browser, and the page prints cleanly.
Pick a date to see your timeline.
0 of 10 done
Renewing with a big bank: what to ask
- “What is the best rate you can offer for the same term if I renew today, and how long will you hold it?”
- “How is the penalty calculated if I break this term, and which posted rate would you use?”
- “What are my prepayment privileges, and do unused privileges carry over?”
- “If I move, can I port the mortgage, and what happens to the rate on any new money?”
Each bank’s answers to the last three are on its profile: RBC, TD, Scotiabank, BMO, CIBC and National Bank.
The cheapest day to leave a closed mortgage is its maturity date: no penalty. Start early enough that you can actually use it.
IsThisAGoodRate.ca has a renewal timeline guide and a renewal-vs-switch calculator.
Frequently asked questions
When does my bank have to send my renewal statement?
Federally regulated lenders must give you a renewal statement at least 21 days before your term ends (FCAC). Under the Canadian Mortgage Charter, lenders are also expected to contact you earlier, around four to six months before renewal, so you have time to shop.
Can I switch to another lender at renewal without a penalty?
Yes. At maturity your closed term has ended, so there is no prepayment penalty to leave. The new lender may charge or cover appraisal and legal costs, and your current bank may charge a discharge or transfer fee. Switching with the same amount and amortization no longer requires a new stress test for insured mortgages, and OSFI removed it for straight switches of uninsured mortgages.
What happens if I do nothing?
Read your renewal letter. Some lenders renew automatically into a term they choose, and others convert to an open or short term at a higher rate. Doing nothing is rarely the cheapest option.
Sources
- Renewing your mortgage — FCAC, checked Oct 31, 2026
- Canadian Mortgage Charter (2023 Fall Economic Statement, chapter 1) — Department of Finance Canada, checked Oct 31, 2026
- Boldest mortgage reforms in decades come into force today — Department of Finance Canada, checked Oct 31, 2026
- OSFI exempts uninsured mortgage straight switches from the prescribed MQR and implements portfolio LTI limits — OSFI, checked Oct 31, 2026
Keep exploring
Educational information only, not financial, legal or tax advice. BankMortgages.ca is independent and is not affiliated with, endorsed by or paid by any bank named on this site. Bank terms change: confirm every rate and term with the lender and the official sources linked on each page before you act. Read the full disclaimer.