At maturity
Your Mortgage Is Renewing and Your Situation Has Changed
A renewal offer in the mail is one option, not the only one. When income or credit has changed since the last term, the renewal window deserves attention early.
Takes about two minutes. No obligation. No judgment.
Licensed in Ontario
Phil Cragg, Mortgage Agent, Licence #11000073 · Mortgage Outlet Inc., Brokerage #12628
Confidential by design
No credit check to start, and no documents requested through this website.
15 years, across Ontario
Office in Toronto. Clients across the province served by phone, video, and secure document handling.
What this actually means
Renewing with your existing lender is usually straightforward and does not always require requalification. That convenience can come at a cost if the offered terms are not competitive.
Moving to a different lender requires a new application and full qualification — which is exactly why a changed situation should be assessed early, not in the final weeks.
Where a lender has indicated it will not renew, the timeline matters a great deal. Starting three to six months before maturity gives real options; starting three weeks before usually does not.
Situations we see most often
- Your existing lender has offered a renewal you are unsure about.
- Your income changed since the mortgage was arranged.
- Credit events during the term may affect who will renew you.
- You are with an alternative or private lender and need a plan for maturity.
- You were told the lender will not renew.
Possible pathways and their trade-offs
Renew with the existing lender
Simplest route, often with limited or no requalification, and minimal cost.
Trade-off: The offered terms may not be the best available and should still be compared.
Transfer to a new lender
May improve terms, but requires a full application and qualification.
Trade-off: Requalification may be difficult if circumstances have changed. Legal or appraisal costs may apply.
Restructure at maturity
Maturity is often the least expensive moment to consolidate debt or change the amortisation.
Trade-off: Increases the balance and may extend the repayment period.
Documents usually involved
Nothing is uploaded through this website. Documents are only requested later, through an approved secure process.
- Renewal offer from your current lender, if received
- Current mortgage statement
- Recent proof of income
- Property tax bill and condo fee statement, if applicable
- Current debt balances
Costs and compensation
Before you go further
Questions about this situation
When should I start looking at my renewal?
Three to six months before maturity in most cases, and earlier if your income or credit has changed or if you are currently with an alternative or private lender.
What happens if my lender will not renew me?
The mortgage becomes due at maturity, so alternative financing or a sale generally needs to be arranged before that date. Starting early is the single most useful thing you can do.
Do I have to requalify to renew with my current lender?
Often not, for a straight renewal with no change to the amount. Requalification is generally required when you change lenders or increase the balance.
Related situations
Mortgage Refinancing
Restructure an existing mortgage to access equity, consolidate obligations, or change terms.
Mortgage Arrears and Urgent Situations
Time-sensitive situations including arrears, closing deadlines, and enforcement pressure.
Alternative Mortgage Solutions
How alternative lenders assess files differently from banks, and what that flexibility actually costs.
Information on this website is general in nature and is not a commitment to lend, an approval, legal advice, tax advice, or financial advice. Mortgage availability, rates, terms, fees, and approval depend on the applicant, the property, lender requirements, market conditions, and applicable law. An application and supporting documents may be required.