Many homeowners wait for the renewal letter before taking action. That can leave too little time to compare offers, gather documents, and understand switching costs. A 90-day renewal checklist can help you prepare before the deadline feels urgent.
This checklist is designed for Canadian homeowners who want a practical, organized review before accepting a renewal offer.
90 Days Before Maturity
- Find your mortgage maturity date.
- Record your current balance and remaining amortization.
- Review prepayment privileges and penalty terms.
- Check whether your mortgage is a standard charge or collateral charge.
- Start tracking current renewal rates and product options.
60 Days Before Maturity
- Ask your current lender for written renewal options.
- Compare at least one competing offer where possible.
- Gather income, property tax, insurance, and mortgage documents in case you switch.
- Review whether you may move, refinance, or make extra payments during the next term.
30 Days Before Maturity
- Confirm the final rate, payment, term, amortization, and payment frequency.
- Ask about all fees and optional products.
- Confirm whether the offer auto-renews if you do nothing.
- Keep a copy of the accepted offer and supporting notes.
Example Scenario
A homeowner starts 90 days early and finds that a competing lender has a lower rate but requires an appraisal and legal transfer. Because there is enough time, the homeowner can compare the true cost of switching instead of accepting the current lender’s first offer out of time pressure.
Questions to Ask Your Lender
- When does this offer expire?
- Is the rate written until my maturity date?
- What happens if I do not respond?
- Can you improve the rate or match a competing written offer?
- What costs apply if I move the mortgage elsewhere?
Related Tool
Use the Mortgage Renewal Calculator Canada to test each written offer and visit the Guides page for related planning topics. FCAC also encourages homeowners to shop around and negotiate before renewal: renewing your mortgage.
Disclaimer: This checklist is general information only. Confirm timing, costs, and contract details with your lender or mortgage professional.