Millions of Canadians are renewing their mortgages over the next two years.
Before You Renew Your Mortgage, Check Your Options
Use the RenewalIQ tool to see how your payment could change and explore smarter options before signing your bank's renewal.
Why Mortgage Renewals Are Different Right Now
Over the next two years, millions of Canadian homeowners will renew their mortgage.
Many will see higher payments due to rising interest rates.
The biggest mistake homeowners make is simply signing the renewal their bank sends them.
Your bank does not compare lenders or show alternative strategies.
RenewalIQ helps you explore your options before making that decision.
What You Will Learn
What your new payment could look like
If switching lenders could save money
Whether refinancing makes sense
Our Renewal Review Process
- Review your current mortgage
We look at your rate, balance, renewal date, and lender terms. - Compare real renewal options
We shop multiple lenders, not just your bank. - Help you choose the right strategy
Rate, flexibility, penalties, and future plans all matter.
Renewing in the next 120 days?
Answer a few simple questions and get a personalized game plan with clear next steps tailored to your unique situation — completely free.
Can I switch lenders at renewal without penalty?
Yes—you can switch lenders at renewal without paying a penalty. When your mortgage term ends, you're free to explore other options and move to a new lender if it means getting a better rate, improved features, or a product that better fits your current needs.
However, while there’s no prepayment penalty, there may be some minor administrative costs (like discharge or legal fees), which are often offset by the savings you gain with a more competitive offer.
How far in advance should I start my renewal?
You can typically start the renewal process as early as 120 days (4 months) before your current mortgage term ends—and we highly recommend you do.
Getting a head start gives you time to shop around, lock in a rate early, and explore options that better suit your financial goals. It also puts you in a stronger position to negotiate with your current lender or switch to a better offer without feeling rushed.
Can I access my home equity during renewal?
Yes, your mortgage renewal is a great time to access your home equity—without paying a penalty. If you’ve built up equity in your home, you may be able to use it to fund renovations, investments, debt consolidation, or other major expenses.
Because you’re not breaking your mortgage early, you can often make changes—like increasing your mortgage amount or switching to a different product—with minimal costs and greater flexibility.
Tracy and her team were recommended by our family members and what a great recommendation that was! As a first time home buyer, I was feeling overwhelmed. Tracy made this experience much more approachable - she was ready to listen to any questions we had and had responses/explanations that were thorough and easy to understand as someone who is unfamiliar with this world. Our realtor was also impressed with how quick and easy it was to work with this team. Can't recommend them enough!
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Mara Thorsteinson
6 days ago
Working with Tracy was an outstanding experience from start to finish. She took the time to understand my situation, patiently answered my questions, and was always available whenever I needed guidance or clarification throughout the process. What impressed me most was Tracy's expertise as a mortgage broker. Her deep knowledge of the mortgage market helped me confidently navigate my options and choose the mortgage terms that were best for my situation. She explained everything clearly, offered thoughtful advice, and made what could have been an overwhelming process feel straightforward and manageable. On top of all of that, Tracy has a wonderful disposition – she is a genuinely positive person, who is just a pleasure to deal with. When I found my home, Tracy was excited for me, and her enthusiasm made the experience even more special. I'd also like to recognize her team member, Cindy, who was wonderful. She was friendly, responsive and organized, ensuring the administrative steps proceeded smoothly. I am truly grateful for the support, expertise, and care that Tracy and her team provided. I highly recommend her to anyone looking for a mortgage specialist that combines exceptional knowledge with a genuine commitment to client success. Thank you Tracy!
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Erin M
6 days ago
I had another fantastic experience working with the Tracy Valko mortgage team-this is my third time trusting them with my business! They are incredibly knowledgeable and always answer my questions efficiently. This time, I worked closely with Tonya, who was absolutely amazing. She went above and beyond to ensure a smooth mortgage process. Her professionalism and dedication are unmatched. Highly recommend! - LP
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Aerie P
8 days ago
Don’t Just Sign — Strategize.
Let us guide you through a smarter, more profitable renewal. We’ll review your options, negotiate on your behalf, and set you up for long-term success.