Mortgage renewal strategy for Canadians: a competitive rate, and paying down faster.

A mortgage renewal strategy is the decision set behind the rate: the term length, the amortization, the prepayment privileges, and which lender your file is placed with. Those choices decide how much of each payment reduces your balance, and they outlast whatever rate you sign.

Start about 120 days out. Most Canadian lenders will hold a rate for you 90 to 120 days before maturity, so shopping inside that window costs nothing and gives you a real alternative to the bank’s letter. Leaving it to the last fortnight removes every option but signing.

Yes. At maturity your term has ended, so there is no prepayment penalty for moving. A switch still involves discharge and legal or appraisal costs, and many lenders cover them on a straight transfer. Leaving mid-term is different and does carry a penalty.

No. Two mortgages at the same rate can cost very different amounts depending on how the penalty is calculated, what prepayment you are allowed, and whether the mortgage is portable. A rate a few basis points lower can be the more expensive mortgage over five years.

On a prime mortgage, no. The lender pays the broker on completion, so the borrower pays nothing for the advice or the placement. Fees apply on alternative and private lending, and they are disclosed in writing before you commit to anything.

Your renewal date, your current balance, and roughly what your home is worth. That is enough to tell you which lending shelf your file prices on and whether there is money on the table. If there isn’t, you will be told that on the call.