What Is a Mortgage Renewal?

A mortgage renewal happens when the fixed term of your mortgage ends (often every 3‑5 years in Canada) and you either sign a new contract with your current lender or switch to a different lender. 

The lender must provide you with a renewal statement at least 21 days before your term ends, which outlines the remaining balance, proposed interest rate, payment frequency, term length, and any fees. 

Why It’s a Good Time to Review

Interest rates may have changed, so you could lock in a better rate now.

Your financial situation may have changed (income, debts, goals), and your mortgage should match it.

It’s a chance to negotiate with your current lender or switch to another lender for better terms. 

Tips for Windsor Homeowners

Start shopping around 4‑6 months before your renewal date so you have time to compare offers. 

Don’t just accept the renewal offer without question — ask if you can negotiate better terms.

If you switch lenders at renewal, you may need to re‑qualify under new terms (income, credit) and incur some costs (appraisal, legal). 

Avoid automatic renewal without review — you could end up at a higher rate or less favorable terms. 

Final Thoughts

For Windsor homeowners, the renewal of your mortgage isn’t just a paperwork formality — it’s a smart opportunity to reassess your situation, lock in better terms, and strengthen your financial future. With a little preparation and comparison, you can make your next mortgage term work even harder for you.