Renewal vs Refinance: What's the Difference?
Renewal simply extends your mortgage at a new rate with your existing or a new lender. Refinancing changes the terms, amount, or amortization — often unlocking equity or restructuring debt. We explain when to do each.
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
Renewal simply extends your mortgage at a new rate with your existing or a new lender. Refinancing changes the terms, amount, or amortization — often unlocking equity or restructuring debt. We explain when to do each. 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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