What Are Your Options When Your Mortgage Matures?

When your mortgage term ends, you don’t have to simply sign whatever renewal your lender sends. You actually have three main options — and choosing the right one can make a big difference in how much you pay over the next few years.

Let’s break them down.

1. Renew with Your Current Lender

If your current lender offers you a fair rate and you’re happy with their service, renewing can be the easiest option.

Pros:

• Simple process — minimal paperwork.

• No need for a new application or appraisal in most cases.

• No legal fees or switching costs.

Cons:

• Lenders rarely offer their best rate in the first renewal letter.

• You might miss out on better terms or lower payments available elsewhere.

💡 Tip: Always compare your lender’s renewal offer against the market. LaframboiseMortgage.ca can do that for you — at no cost or obligation.

2. Switch to a New Lender

If another lender offers better rates, features, or customer service, you can switch your mortgage at renewal — usually with no penalty since your term is ending.

Pros:

• Access lower rates or improved mortgage features.

• Can align your mortgage with new goals or changing financial needs.

• Most lenders will even cover standard legal and appraisal fees when you switch.

Cons:

• Some minor paperwork and documentation required.

• Credit review and property verification may be needed.

💡 Example: If your current rate is 5.59% and another lender offers 4.99%, switching could save you thousands over your next 5-year term.

3. Refinance Your Existing Mortgage

Refinancing means replacing your mortgage with a new one — often for a higher amount or a different structure to access equity or change your financial plan.

Common reasons to refinance:

• Pull out funds for renovations, debt consolidation, or investment.

• Adjust your amortization to reduce monthly payments.

• Add or remove someone from title after a life event (like marriage or separation).

Consider:

• Refinancing before maturity may trigger a penalty if you break your current term early.

• However, if done at renewal, there’s typically no penalty — making it a great time to restructure your finances strategically.

💡 Pro Tip: Even if your current mortgage balance stays the same, refinancing can give you access to better features (like prepayment privileges or portability).

Bottom Line

When your mortgage is coming due, don’t just sign the renewal notice. It’s the perfect time to review your goals, compare offers, and structure your mortgage to work for you.

At LaframboiseMortgage.ca, we’ll:✅ Compare your renewal offer with top lenders across Canada✅ Review your equity and refinancing options✅ Help you lock in the best terms before your renewal date

👉 Start your renewal review today: www.LaframboiseMortgage.ca