When to Renew Your Mortgage Early
If rates have dropped significantly since you locked in, breaking your mortgage and renewing early might save money — even after prepayment penalties. We walk through the break-even calculation and the situations where early renewal makes sense.
What you will learn
- What to do in the 120 days before your renewal date
- How to compare renewal offers from different lenders
- When it makes sense to switch vs stay with your lender
- Negotiation tactics that actually work at renewal time
Overview
If rates have dropped significantly since you locked in, breaking your mortgage and renewing early might save money — even after prepayment penalties. We walk through the break-even calculation and the situations where early renewal makes sense. This guide covers everything Canadian homebuyers and homeowners need to know — from the basics to the strategies that can save you thousands over the life of your mortgage.
Our mortgage experts have analyzed data from hundreds of lenders and thousands of Canadian mortgage transactions to give you the most accurate, up-to-date guidance. Whether you are just starting to research or ready to make a decision, this guide will give you the clarity to move forward with confidence.
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Every mortgage situation is different. A licensed broker can apply this guidance to your specific numbers — for free.
Full Guide Coming Soon
Our editorial team is finishing this guide. It will include step-by-step walkthroughs, worked examples with real Canadian numbers, lender comparisons, and strategies tailored to your situation. Check back soon — or use the form to get expert advice now.
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Licensed brokers can apply this guidance to your specific situation — free.