Most homeowners renew on autopilot. The ones who use this 12-point checklist routinely save $8,000 to $20,000 per term. The mistake most Canadians make: Skipping steps 1-3 (the broker comparison, the amortization decision, and the term-length stress test). Those three alone account for most of the savings. What changed in 2026 (and why it matters now) Under OSFI B-20, a straight renewal with your existing lender does not require re-qualification. A switch does. Plan accordingly. The 12-point renewal checklist Pull your current mortgage statement. Confirm balance, rate, maturity, amortization remaining. At day 120 before maturity, request 3 broker quotes (not just your bank). Decide your target amortization. Shorter = faster payoff, larger payment. Decide term length (1, 3, or 5 years) against the BoC rate path. Decide fixed vs variable based on your hold horizon, not the news cycle. Check prepayment privileges: aim for 15%/15% (lump + payment increase). Confirm portability — needed if you might move mid-term. Confirm penalty calculation (IRD vs 3-months interest). Negotiate appraisal, legal, and discharge fees to zero. If switching, confirm cash-back/closing offers in writing. Get the rate hold in writing the moment you decide. Sign and instruct your lawyer/notary 3-4 weeks before maturity. The full renewal workflow most borrowers skip A strong renewal plan starts before the lender sends its first letter. At roughly 120 days before maturity, collect your mortgage statement, current balance, remaining amortization, property tax bill, income documents, and the lender offer. Then compare the offer against insured, insurable, and conventional options instead of comparing only posted rates. The real question behind Mortgage Renewal Checklist (Avoid the Costly Mistakes of 2026) is not whether your current lender is convenient; it is whether the convenience premium is worth thousands of dollars over the next term. Use the same balance, amortization, payment frequency, and prepayment assumptions for every quote. A lower rate with worse penalties, weaker portability, or poor lump-sum privileges can be the wrong renewal. The best file review also tests one-, three-, and five-year terms against your expected move date, cash-flow tolerance, and ability to absorb payment changes if rates move again. Documents to compare before signing The existing renewal offer and maturity date. A broker comparison with at least three lender options. Penalty language: three months interest, IRD, and posted-rate differential wording. Prepayment privileges, portability rules, and blend-and-extend restrictions. All discharge, appraisal, legal, and registration costs confirmed in writing. How to calculate the true cost For mortgage renewal checklist, do not stop at the headline rate. Calculate the total interest paid during the term, the remaining balance at maturity, and the cost of breaking early under a realistic sale or refinance scenario. A 0.10% rate difference may be irrelevant if one mortgage has a punitive IRD calculation and the other has flexible prepayment features. Conversely, a 0.40% gap on a large balance can overwhelm almost every convenience argument. Canadian borrowers should also separate a straight switch from a refinance. A straight switch at maturity keeps the same registered balance and normally avoids penalties. A refinance changes the mortgage amount or amortization and triggers a new approval, potential appraisal, and full stress-test review. Mixing those two paths is one reason renewal advice online feels contradictory. When the bank offer might still be acceptable Staying can make sense if the lender is genuinely within a few basis points of the market, if you need a feature that competing lenders cannot match, or if a switch would fail qualification even though the existing lender will renew internally. It can also be reasonable when you plan to sell soon and the current lender offers a short fixed term or open option with lower exit friction. The key is proving it. Ask the lender to match the best written alternative, confirm the matched rate in writing, and verify that the matched product is the same type of mortgage with the same privileges. Many borrowers accept a matched rate without noticing that the payment, amortization, or penalty language changed. Don't auto-renew. Get a free renewal review. We shop 50+ lenders in 24 hours and show you exactly how much you can save vs your bank's renewal offer. Run the Renewal Calculator Ready to Get Started? Contact us today for personalized mortgage advice and competitive rates. Get Pre-Approved Call (416) 822-7357 Frequently Asked Questions When should I start? Day 120 before maturity. Earlier is fine for research; lender rate holds start at 120 days. Can I negotiate prepayment terms at renewal? Yes. Most lenders will match 15%/15% (15% lump sum + 15% payment increase per year) on request. Should I extend amortization to lower payments? Only as cash-flow management. Total interest cost goes up significantly. Run the numbers first.
