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Mortgage renewals

Region: Ontario Answer Number: 412

Mortgage renewal occurs at the end of each mortgage loan term, unless the mortgage has been paid in full. Depending on the type of mortgage loan you select, terms generally range from six months to five years. Renewing your mortgage loan can be done with your existing lender, or elsewhere if you prefer the services and interest rate of another financial institution.

The main issue when you renew your mortgage loan is the interest rate, so you may want to consider your options with other lenders to find the best arrangement. Although your existing lender may charge you a fee to switch your mortgage to another lender, you may be able to negotiate with your new lender for the fee to be covered. In any event, make sure you begin the process of switching your mortgage loan at least 60 days before the expiry of your term to give yourself enough time to make the necessary arrangements.

More information about mortgages is available from Canada Mortgage and Housing Corporation.

A criminal record will affect your ability to get a mortgage. To erase your criminal record, call toll-free 1-800-874-2652 or learn more at Parole Board of Canada. It’s easier than you think.

If you are buying a home and want to know how much of a mortgage you qualify for, use the Scotiabank mortgage calculator .



PBC Real Estate ON 407-412PBC Real Estate ON 407-412




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