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.
Both Tracy and Samantha were professional and friendly to deal with. Tracy is very knowledgeable on all things related to the political climate and rates and offered assurances to me with respect to the variable rate I chose. There were a couple of hurdles along the way but Samantha was quick to respond and satisfy my concerns. I would highly recommend Valko Financial.
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Kimberley Murray
4 days ago
Once again, the mortgage renewal process was seamless with the Valko Team. Even though things were left until the last minute on my end, they pulled through and met all the deadlines without issue. They secured a comfortable fixed rate that my family will truly appreciate until our next renewal. Thanks again to the entire Valko Team for the excellent service!
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James Loschnig
7 days ago
Our agent demonstrated a deep understanding of options and made complex elements easy to complete. The process was smooth and prompt, always with proactive communication. This was an stress-free, pleasant experience from beginning to end.
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Jenn Robinson
7 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.