Question 1

Can I switch lenders at renewal without paying a penalty?

Accepted Answer

Yes. Switching lenders at the end of your mortgage term does not typically trigger a prepayment penalty. This is the best possible time to shop for better terms. There may be administrative costs — legal fees, appraisal fees — but some fees are covered by the new lender as part of a competitive offer. I will advise you on exactly what to expect before you commit to anything.

Question 2

When should I start thinking about my mortgage renewal?

Accepted Answer

Ideally, six months before your renewal date. Many lenders allow you to lock in a rate 90 to 120 days in advance, which protects you if rates rise before your term ends. Waiting until the last minute limits your options significantly. Call me or book a time as soon as you receive your first renewal notice — even if the date feels far away.

Question 3

What is the difference between renewing and refinancing a mortgage in Canada?

Accepted Answer

Renewal means continuing your mortgage at the end of your term — same balance, potentially new rate and lender. Refinancing means changing the structure of your mortgage before the term ends — accessing equity, consolidating debt, or changing your amortization. Renewal is the natural transition point with no penalty. Refinancing mid-term typically involves a prepayment penalty. I can walk you through which path makes sense for your situation.

Question 4

Should I take a fixed or variable rate at renewal in 2026?

Accepted Answer

It depends on your cash flow, your risk tolerance, and how long you plan to stay in the home. With the Bank of Canada rate cycle stabilizing in 2026, many of my clients are choosing shorter fixed terms — two or three years — to retain flexibility at the next renewal. I will model both scenarios with real numbers so you can make a confident decision, not a guess.  Get more insight with my article: Fixed or Variable Rate: The 2026 Mortgage Dilemma.

Question 5

Can Stephen Aitcheson review my renewal offer for free?

Accepted Answer

Yes. Send me your renewal notice and I will review it at no charge and no obligation. If I can find you a better option, I will show you exactly what it looks like. If your lender's offer is competitive, I will tell you that too. Either way, you will know where you stand before you sign anything.

Mortgage FAQ

Frequently asked questions

Can I switch lenders at renewal without paying a penalty?

When should I start thinking about my mortgage renewal?

What is the difference between renewing and refinancing a mortgage in Canada?

Should I take a fixed or variable rate at renewal in 2026?

Can Stephen Aitcheson review my renewal offer for free?