What Is Mortgage Renewal?

Mortgage renewal is the process of extending your existing mortgage by agreeing to a new term and interest rate once your current term expires. Most Canadian mortgages are structured with multiple terms over the life of the loan, and renewal is a standard part of that cycle.

In most cases, renewal doesn’t require reapplying for a mortgage—unless you’re making significant changes, such as borrowing additional funds. It’s typically a straightforward process, but taking the time to review your options can help ensure your mortgage continues to support your financial goals.

When Should You Start Thinking About Renewal?

Mortgage terms typically last between one and five years. When your term ends, your mortgage may not automatically renew—and at Synergy, if no action is taken, it may default to a one-year term. While convenient, this option might not be the best fit for your long-term plans.

That’s why we recommend starting the renewal process three to six months before your current term expires. This gives you time to:

• • Review your current mortgage details

  • Explore new rates and term options

  • Ask questions and compare what’s available

  • Avoid defaulting to a short-term solution that may not suit your needs

Being proactive gives you the flexibility to make informed decisions—and helps ensure your mortgage continues to work for you.