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Ian Charlebois

| Charlebois Real Estate & Mortgages

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FUND · Mortgage renewal

Renew with the whole offer in front of you.

Your renewal is a useful time to review how your mortgage fits your plans for your home. Start before your term ends, especially if your budget, income or moving plans have changed. We read your lender’s offer, compare it with the alternatives and fit the term to what you plan to do next.

Book a Clarity CallEmail the mortgage team

How a renewal review works

Five steps, before your term ends.

A renewal letter usually arrives with a rate, a term and a date to sign by. Before you sign, it’s worth knowing what else is available and whether that term still fits your plans for the home.

Most renewals get signed straight from the lender’s letter. We compare first.

  1. Send us the basics.Email hello@iancharlebois.ca with your renewal date and a short summary, or book a Clarity Call. Have your latest mortgage statement and the renewal offer, if your lender has sent one. Please don’t email financial documents or account numbers; we’ll arrange a secure way to share them.
  2. We read your lender’s offer.The payment, rate, term, prepayment privileges, fees and flexibility, line by line, so you know exactly what you would be agreeing to.
  3. We compare the alternatives.At maturity you can usually change lenders, terms or amortization without a prepayment penalty. Switching may involve qualification, documents and costs, such as legal or discharge fees, so those go into the comparison too.
  4. We fit the term to your plans.If you expect to sell, move, renovate or keep the property as a rental, the term should reflect that timing. If a sale is possible during the next term, we show you how the terms and a potential penalty would affect it.
  5. Renew or switch.You decide with the payments, conditions, flexibility, penalties and total cost side by side. If you switch, the new lender reviews your application and we take it from approval to funding.

The full offer

Compare the payment, and everything behind it.

A renewal offer is more than a rate. Look at the payment, the term, the prepayment privileges, the fees and the flexibility, and ask your current lender for its offer early enough to compare.

A lower payment from a longer amortization can mean more interest over time. We show you both numbers.

Rate and termFixed or variable, and for how long
PaymentWhat changes from your current payment
AmortizationLonger can mean more interest over time
Prepayment privilegesHow much you can pay down, and when
FeesLegal, discharge or other costs to switch
FlexibilityPorting, blending, and what a sale would cost
Your plansSelling, renovating, renting or moving
Total costNot just the advertised rate

Renew or switch

Three paths at renewal.

01

Renew with your lender

Ask your current lender for its renewal offer and leave time to compare. Knowing the alternatives puts you in a better position to discuss it.

02

Switch at maturity

At maturity you can generally move to another lender without a prepayment penalty. The new lender reviews your application, and there may be costs, such as legal or discharge fees.

03

Refinance instead

If you also want to access equity or change the amount you borrow, refinancing may fit better. Review eligibility, costs and any penalty first.

Your plans this term

The term should fit what happens next.

Tell us if you expect to sell, move, renovate or keep the property as a rental. The mortgage conversation should reflect the timing of those plans.

01

Selling during the term

Breaking a mortgage before the end of its term can trigger a penalty. If a sale is possible, we weigh a shorter term or a portable mortgage before you sign.

02

Buying your next home

Many mortgages can be ported to a new home, sometimes with a blended rate if you borrow more. We check your terms and compare porting with a new mortgage.

03

Keeping it as a rental

Moving but keeping the property? We look at refinancing, the expected rent and the carrying costs, and our property management team can look after the home.

For independent information, see the Financial Consumer Agency of Canada’s mortgage renewal guide and its guide to prepayment penalties. Mortgage options, approval, rates and costs depend on your circumstances and lender requirements.

Questions

Renewing your mortgage: quick answers.

When should I start my renewal review?

Before your term ends, and earlier if your budget, income or moving plans have changed. Ask your current lender for its renewal offer and leave time to compare alternatives.

Can I switch lenders at renewal?

Usually, yes. At maturity you can generally move to another lender without a prepayment penalty, but the new lender will review your application and there may be costs, such as legal or discharge fees. We compare the full offer, not just the rate.

What should I have ready for the first conversation?

Your renewal date, your latest mortgage statement, the renewal offer if your lender has sent one, and your questions about payments, flexibility and your plans for the property. Please don’t email financial documents; we’ll arrange a secure way to share them.

How do I start?

Email hello@iancharlebois.ca with your renewal date and a short summary, or book a Clarity Call. You can also call 613-422-SOLD. Or request a mortgage renewal review.

What if I might sell during the next term?

Tell us before you renew. The term you choose decides what a sale would cost, so we look at the potential penalty and whether the mortgage could be ported to your next home.

Should I renew or refinance?

Renewal keeps the borrowing amount and resets the term. If you also want to access equity or change the amount you borrow, a refinance may fit better. Review eligibility, costs and any penalty before choosing.

Do you arrange renewals outside Ontario?

Yes. Our mortgage services are available across Canada. For independent information, see the Financial Consumer Agency of Canada’s mortgage renewal guide.