Your mortgage renewal is an opportunity to review your rate, payment, term, and overall mortgage strategy.

At SGD Mortgages, we work with 65+ lenders to compare available options and help you find a mortgage that fits your needs—not simply renew with the first offer you receive.

What Is a Mortgage Renewal?

When your mortgage term ends and you still have a balance remaining, you’ll need to renew your mortgage for another term.

Your current lender will typically send you a renewal offer, but you don’t have to accept it.

At renewal, you can:

• Negotiate with your current lender

• Compare rates from other lenders

• Switch mortgage providers

• Choose a different mortgage term

• Consider fixed or variable rates

• Adjust your payment frequency

• Review your prepayment options

Renewal is a chance to make sure your mortgage still works for your current financial situation.

Why Compare Before You Renew?

Your First Offer May Not Be Your Best Option

Receiving a renewal offer from your current lender doesn’t necessarily mean it’s the most competitive rate or mortgage product available to you.

Shopping around gives you the opportunity to compare your existing lender’s offer with other options before committing to another term.

A Better Rate Can Make a Difference

Even a small difference in your mortgage rate can affect your monthly payments and the amount of interest you pay over your next term.

We compare available mortgage options to help you find a competitive combination of rate, term, features, and flexibility.

Your Needs May Have Changed

A lot can happen during a mortgage term.

• Your income may have changed.

• You may be planning to move.

• You may want more payment flexibility.

• You may want to pay your mortgage down faster.

Your renewal should reflect where you are today, not where you were when you originally got your mortgage.

Fixed or Variable?

Renewal is also an opportunity to reconsider your rate type.

Fixed Rate

Your interest rate stays the same throughout your mortgage term, providing predictable payments and protection against rate increases during that term.

Variable Rate

Your interest rate can change during the term as market rates change. Depending on the mortgage structure, your payment or the amount going toward principal may also change.

There is no single option that's right for everyone. Your goals, budget, risk tolerance, and future plans should all be considered before choosing.

Should You Stay or Switch?

Staying with your existing lender may be convenient—but convenience shouldn't be the only reason you renew.

Switching lenders at renewal may give you access to:

• More competitive rates

  Compare your lender's renewal offer against other available options.

• Different mortgage terms

  Choose a term that better matches your plans.

• Better mortgage features

  Compare prepayment privileges, portability, payment flexibility, and other features.

• A mortgage that better fits your current situation

  Your financial needs may be very different from when you first obtained your mortgage.
  

A New Opportunity When Switching Lenders

Mortgage rules have changed for certain borrowers.

For an eligible uninsured straight switch between federally regulated lenders at renewal, OSFI no longer expects lenders to apply its prescribed Minimum Qualifying Rate when:

• The mortgage amount isn't increased, and

• The remaining amortization isn't increased.

This can make it worthwhile for eligible homeowners to explore other lenders rather than assuming they need to stay with their existing lender.

Individual lender qualification requirements still apply.

When Should You Start?

Don't wait until the last minute.

Start reviewing your mortgage options a few months before your renewal date.

This gives you time to:

• Review your current mortgage

• Understand your lender's renewal offer

• Compare other available rates and terms

• Negotiate with your existing lender

• Complete the process if switching lenders makes sense

If your mortgage is with a federally regulated financial institution, it must provide a renewal statement at least 21 days before the end of your existing term.

But you don't need to wait for that letter to start exploring your options.

What Should You Compare?

Interest Rate

Compare your renewal rate with available market options.

Fixed vs. Variable

Consider which rate structure fits your financial goals and comfort level.

Term Length

A shorter or longer term can affect your rate, flexibility, and how soon you'll need to renew again.

Payment Options

Review monthly, biweekly, weekly, or accelerated payment options.

Prepayment Privileges

Check how much extra you can put toward your mortgage without a penalty.

Mortgage Flexibility

Consider portability and other features if you may sell, move, or make changes during your next term.

Fees & Switching Costs

Changing lenders can involve discharge, legal, appraisal, registration, assignment, or other fees. In some cases, a new lender may cover certain costs.

Why Renew With SGD Mortgages?

Access to 65+ Lenders

Instead of looking at one lender's renewal offer, we can compare options across our lender network.

We Negotiate for You

We help compare rates and terms and identify options that fit your financial goals.

More Than Just the Rate

The lowest advertised rate isn't always the best mortgage. We also consider terms, penalties, prepayment privileges, flexibility, and your future plans.

Personalized Guidance

Whether you want predictable payments, more flexibility, or a different mortgage structure, we'll help you understand your options.

Support From Start to Finish

From reviewing your renewal offer to completing a lender switch when appropriate, we'll guide you through the process.

Don't Just Sign Your Renewal Letter

Before committing to another mortgage term, take the time to see what else is available.

Let SGD Mortgages compare your renewal options across 65+ lenders and help you find the right mortgage for your next term.