Are you six months from your mortgage renewal deadline? You should lock in now

A common misconception among mortgage borrowers is that they must wait for their lender to contact them to start the renewal process.

Yes, in the months leading up to the end of your mortgage term, a letter will arrive prompting you to sign on the dotted line to lock back in for another term. But it almost never contains a competitive mortgage rate.

Getting the lowest rate possible will be key for the many Canadians renewing in 2025. This is an especially rate-sensitive group of borrowers, since the majority got their mortgages five years ago when rates sat at pandemic-era lows. Given today’s rates are roughly 300 to 400 basis points higher than in 2020, renewing borrowers should be expecting higher monthly mortgage payments.