Guides

I received my renewal letter

What Should I Do Next?

A renewal notice can make the decision feel urgent. Use this path to slow the decision down, organize the numbers, and prepare questions before accepting an offer.

1

Read the renewal notice

Find the maturity date, remaining balance, offered rate, payment frequency, term length, and any fees or conditions shown in the notice.

How to read a renewal letter
2

Estimate the payment impact

Use the same balance and amortization to estimate the proposed payment and compare it with your current payment.

Use the renewal calculator
3

Compare more than the rate

Review fees, prepayment privileges, penalty wording, portability, collateral charge details, and optional products.

Open the worksheet
4

Prepare the lender conversation

Ask for written clarification before accepting, especially if switching, prepaying, changing term length, or choosing fixed versus variable.

Prepare questions

Use this journey as an educational planning aid. Your lender’s written offer and contract terms control the final decision.

Renewal notice decoder

What to Check When Your Renewal Statement Arrives

A renewal statement or offer can look short, but each line can affect your payment, flexibility, and switching options. Use these checks to turn the notice into a practical renewal plan.

Remaining balance Use the balance shown on your renewal statement as the starting point for payment estimates. Estimate payment Interest rate and term Compare the offered rate type, term length, and how fixed or variable options may affect budgeting. Compare rate types Payment frequency Check whether the quoted payment matches monthly, bi-weekly, accelerated, or another schedule. Test frequency Fees and charges Record discharge, transfer, appraisal, legal, administration, or other costs separately from the rate. Use worksheet Prepayment privileges Confirm lump-sum limits, payment-increase rules, and whether timing matters at renewal. Review prepayment Switching and registration details Ask whether the mortgage is a standard or collateral charge and what switching costs may apply. Review switching

For consumer context, FCAC explains that renewal statements from federally regulated financial institutions include items such as balance, interest rate, payment frequency, term, and applicable charges or fees. Use this section as an educational organizer and confirm details with your lender. Review FCAC renewal guidance.

Offer review

What Your Renewal Offer May Not Clearly Explain

A renewal offer can look simple, but important details may be buried in contract wording or lender conditions. Use this section to spot what should be confirmed in writing.

Remaining amortization

Confirm whether the offer uses the same remaining amortization as your other scenarios. A different amortization can change the payment even when the rate looks comparable.

Penalty wording

Ask how the penalty would be calculated if the mortgage ended before the new term is complete.

Prepayment privileges

Confirm lump-sum limits, payment-increase options, and when those privileges reset during the new term.

Portability and charge type

If you may move or switch later, ask how portability and standard-charge or collateral-charge wording may affect your options.

Transfer costs

Compare discharge, transfer, appraisal, legal, notary, registration, and administration fees that may apply.

Expiry and conditions

Record the offer expiry date, cashback conditions, bundled products, and optional insurance requirements.

This section is for organizing questions. It does not replace a written offer, personalized advice, or review by a qualified professional.

Renewal timeline planner

Build a 120-Day Mortgage Renewal Plan

Enter your renewal or maturity date to generate planning milestones. The dates are educational reminders only; your lender’s deadlines and written offer should always control.

Choose a date to see suggested 120-day, 90-day, 60-day, 30-day, and renewal-week planning steps.

Private lender question builder

Generate Questions to Ask Before You Sign

Select the areas you are unsure about. The tool creates neutral questions you can copy into a call, email, or meeting with your lender or mortgage professional.

Choose one or more topics to generate questions.

Start by situation

Choose the Renewal Question You Are Trying to Answer

Mortgage renewal research usually starts with a practical question. These paths help connect each question to the right tool, worksheet, or guide.

Use these guides to understand mortgage renewal calculations, compare offers, and prepare questions before speaking with your lender, mortgage broker, or qualified financial professional.

Mortgage Renewal Basics

Compare Your Renewal Options

Prepayment and Savings

Recommended next step

Continue in Mortgage Renewal OS™

If you are not sure what to do next, use the guided workflow to connect this page with the calculators, worksheets, lender questions, and printable action summary.

Educational tools only. Always confirm final terms with the written offer and a qualified professional where needed.

Local privacy control

Manage Saved Data on This Device

Some tools can save your inputs in this browser’s local storage. You can remove those saved items here without contacting the server because these saves are not uploaded by the save function.

This action removes only Mortgage Renewal OS™ local saves from this browser. On a shared or public computer, use this before leaving the device.