Mortgage renewal: rights and responsibilities

From: Financial Consumer Agency of Canada

If your mortgage agreement is with a federally regulated financial institution, your institution must provide you with a renewal statement at least 21 days before the end of the existing term. The statement must contain the same information as when you apply for a new mortgage and may be combined with a mortgage renewal agreement.

If the federally regulated financial institution decides not to renew your mortgage, it must notify you of its decision at least 21 days before the end of your term.

Key points about the renewal process

  • You are not obliged to renew your mortgage with the same institution or accept as is the renewal it offers.
  • If you want to consider alternatives, start your search about four months before your renewal date to give yourself time to do research.
    You may want to contact a number of mortgage brokers and lending institutions to find out what is available, and to identify the mortgage and conditions that best suit your needs.
  • If you don’t shop around and negotiate, your mortgage will probably be renewed automatically, and you may not obtain the interest rates and conditions you might otherwise have been able to negotiate.

What you should do if you feel your rights are not being respected

Report a problem or mistake on this page
Please select all that apply:

Thank you for your help!

You will not receive a reply. For enquiries, contact us.

Date modified: