Renewing your mortgage
Mortgage Renewals
For Barrie and Simcoe County homeowners with a term ending: your lender’s renewal letter is one offer, not your only option, and you can start comparing 120 days before maturity.
What we cover
Most lenders send a renewal slip 21 days before your maturity date and hope you will sign it without shopping around. Starting the review 120 days early gives you time to compare rates, negotiate terms, and potentially switch to a better option with no penalty.
We help Barrie and Simcoe County homeowners evaluate their renewal offers against the broader market so they can renew with confidence, or switch lenders if it makes sense.
- Review your lender’s renewal offer against current market rates
- Compare term lengths, fixed vs. variable, and payment frequency options
- Understand the process for switching lenders at renewal (often free)
- Factor in any changes to your income, goals, or property value
- Plan your next term with a clear view of costs and flexibility
What to prepare
If you have your renewal letter or annual mortgage statement, bring that along. We can work with estimates if you do not have exact numbers yet.
- Current lender name and renewal/maturity date
- Mortgage balance estimate
- Current interest rate and term
- Any changes to income, employment, or goals since last renewal
Tip: Start the conversation at least 120 days before your maturity date for the most options.
Documents you will need
The documents required depend on your mortgage type. This is a general guide. We confirm your specific list once we start working together.
- Current mortgage statement
- Property tax bill
- Employment verification
Self-employed? You may also need Notices of Assessment (2 years), T1 Generals, and business financial statements.
How it works
Step 1: Review
We pull together your current mortgage details and any renewal offer you received.
Step 2: Compare
We model renewal options side by side (same lender, new lender, different term) so you see the full picture.
Step 3: Decide
You choose the option that fits. If switching, we handle the transfer paperwork so you do not miss your maturity date.
Questions people ask about mortgage renewals
Is there a cost to work with The Taylor Team?
For most transactions there is no cost to you. Lenders pay us when your mortgage closes. In some lending situations a broker fee may apply, and it is disclosed and agreed in writing before any commitment. You will never be surprised by a fee.
Do I need to renew with my current lender?
No. At renewal you are free to shop around and switch to a different lender, often at no cost. Most lenders send a renewal offer about 21 days before maturity, but starting 120 days early gives you time to compare and negotiate. We can review your renewal offer against current options.
How long does the mortgage process take?
For a purchase, expect 2 to 6 weeks from pre-approval to closing, depending on the lender and property type. Renewals and refinances typically take 2 to 4 weeks. We outline each step and confirm the timeline for your situation.
Should I choose a fixed or variable rate?
It depends on your risk tolerance and financial situation. Fixed rates lock in your payment for the full term, giving you certainty. Variable rates may start lower but move with the Bank of Canada's overnight rate. We model both so you can see the potential cost difference over your term.
Renewal coming up?
Get ahead of it. Share your details and we will review your options.