Millions of Canadians are renewing their mortgages over the next two years.
Before You Renew Your Mortgage, Check Your Options
Use the RenewalIQ tool to see how your payment could change and explore smarter options before signing your bank's renewal.
Why Mortgage Renewals Are Different Right Now
Over the next two years, millions of Canadian homeowners will renew their mortgage.
Many will see higher payments due to rising interest rates.
The biggest mistake homeowners make is simply signing the renewal their bank sends them.
Your bank does not compare lenders or show alternative strategies.
RenewalIQ helps you explore your options before making that decision.
What You Will Learn
What your new payment could look like
If switching lenders could save money
Whether refinancing makes sense
Our Renewal Review Process
- Review your current mortgage
We look at your rate, balance, renewal date, and lender terms. - Compare real renewal options
We shop multiple lenders, not just your bank. - Help you choose the right strategy
Rate, flexibility, penalties, and future plans all matter.
Renewing in the next 120 days?
Answer a few simple questions and get a personalized game plan with clear next steps tailored to your unique situation — completely free.
Can I switch lenders at renewal without penalty?
Yes—you can switch lenders at renewal without paying a penalty. When your mortgage term ends, you're free to explore other options and move to a new lender if it means getting a better rate, improved features, or a product that better fits your current needs.
However, while there’s no prepayment penalty, there may be some minor administrative costs (like discharge or legal fees), which are often offset by the savings you gain with a more competitive offer.
How far in advance should I start my renewal?
You can typically start the renewal process as early as 120 days (4 months) before your current mortgage term ends—and we highly recommend you do.
Getting a head start gives you time to shop around, lock in a rate early, and explore options that better suit your financial goals. It also puts you in a stronger position to negotiate with your current lender or switch to a better offer without feeling rushed.
Can I access my home equity during renewal?
Yes, your mortgage renewal is a great time to access your home equity—without paying a penalty. If you’ve built up equity in your home, you may be able to use it to fund renovations, investments, debt consolidation, or other major expenses.
Because you’re not breaking your mortgage early, you can often make changes—like increasing your mortgage amount or switching to a different product—with minimal costs and greater flexibility.
This is the 3rd Time I have used Tracy's centre for renegotiating my mortgage. Again from the first phone call Tracy made me feel comfortable and confident that they could help with this particular situation. I was connected to Cindy who made what could have been a stressful situation stress free. She was excellent at communicating where we were at in the process and answering my many questions. Everything was taken care of in a matter of a few weeks. Each time, I have worked with a different member of the team and they have all been fantastic. I would definitely recommend this team to assist you. Susan
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Sue Grande
7 days ago
Attention to detail. Honest and worked well to find solutions to any barriers encountered.
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Casandra Di Benedetto
16 days ago
I am very pleased with my experience in working with the Tracy Valco team. They were very knowledgeable and friendly throughout the whole process.
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Todd Sutherland
18 days ago
Don’t Just Sign — Strategize.
Let us guide you through a smarter, more profitable renewal. We’ll review your options, negotiate on your behalf, and set you up for long-term success.