When your mortgage term ends, your lender will likely send you a renewal offer, but that doesn’t mean you have to accept it. In fact, mortgage renewal is one of the best times to shop around and switch to a better rate or a more flexible solution.
At Cannect, we believe every renewal is an opportunity to get a mortgage that truly works in your favor, whether that means lower payments, access to equity, or better terms. Here’s everything you need to know about renewing your mortgage with a new lender.
What Is a Mortgage Renewal?
A mortgage renewal happens when your current term (e.g, 5 years) ends, but your mortgage balance hasn’t been fully paid off. You’ll need to sign a new agreement, either with your current lender or a new one, to continue paying off the remaining balance.
Should You Stick With Your Current Lender?
Not always. While your lender might send you a renewal offer, it’s usually not their best rate. Most banks rely on borrowers to take the path of least resistance and accept without shopping around.
But here’s the truth: you have options. And better ones.
Why Switch Lenders at Renewal?
Switching lenders may sound complicated, but with Cannect, it’s easy — and often comes with big benefits:
- Get a lower interest rate
- Access home equity to pay off debts, invest, or renovate
- Change mortgage types (fixed to variable or vice versa)
- Add or remove a co-signer
- Switch to a lender with more flexible terms
- Work with experts (like Cannect) who negotiate on your behalf
Is It Free to Switch Lenders?
In most cases, yes, switching lenders at renewal doesn’t involve penalties. That’s why it’s the best time to make a move. There may be small legal or appraisal fees, but Cannect often covers these costs as part of your switch.
When Should You Start the Process?
We recommend starting the process 4 to 6 months before your renewal date. That gives us enough time to compare offers, gather documents, and lock in a better deal before your current mortgage auto-renews at a higher rate.
What Do You Need to Switch Lenders?
Here’s what you’ll typically need:
- A renewal statement from your current lender
- Proof of income (pay stub, NOA, T4, etc.)
- Property tax statement
- Mortgage statement showing your balance
- Valid ID
Don’t worry, Cannect takes care of the paperwork and legwork.
Can You Refinance at Renewal?
Yes! A mortgage renewal is a great time to refinance, especially if:
- You want to consolidate debt
- You need cash from your home equity
- You’re looking to invest in your future
- Your financial situation has changed
At Cannect, we’ll show you all your options — not just the one the bank offers.
How Cannect Makes Switching Easy
We’re not a bank. We’re mortgage brokers who work for you, not the lender. Our team compares options from multiple lenders — including Cannect’s own in-house lending solutions — to help you renew with confidence.
- Lowest fixed and variable rates
- Transparent advice and no pressure
- Custom solutions, even if you don’t fit into a bank’s box
- Fast approval and smooth transition
Don’t just sign your bank’s renewal offer. Let Cannect show you what’s really out there. Switching lenders at renewal could save you thousands, improve your financial flexibility, and help you make the most of your mortgage.
Ready to renew the smart way?
Talk to a Cannect mortgage expert today. We’ll help you compare your renewal options and handle the switch from start to finish, no stress, no pressure.
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