What you need to renew your mortgage in Canada: documents, timing and steps
Quick summary
If you stay with your lender, you usually need to review the renewal statement and sign the new contract. If you switch, the new lender may ask for proof of competing offers, approval of a new application, your mortgage insurance certificate number and signed registration papers. A federally regulated lender must send your renewal statement at least 21 days before your term ends. Next step: see the full renewal guide.
Checked November 11, 2026. Main source: Financial Consumer Agency of Canada: Renewing your mortgage (modified October 15, 2025, read November 11, 2026). See all 2 sources.
Key facts
- Renewal statement
- At least 21 days before the term ends, for federally regulated lenders such as banks
- Source: FCAC, modified October 15, 2025
- Start shopping
- A few months before your term ends
- Source: FCAC, modified October 15, 2025
- If you switch
- The new lender may use different criteria and ask for a new application
- Source: FCAC, modified October 15, 2025
First: your renewal statement
For federally regulated lenders such as banks, the lender must give you a renewal statement at least 21 days before your term ends. If it will not renew, it must tell you 21 days before too. The statement shows your balance, interest rate, payment frequency, term and any charges. It also states that the offered rate will not rise before the renewal date. A renewal contract may come with it. If the lender plans to renew automatically, it says so in the statement.
Source: Financial Consumer Agency of Canada: Renewing your mortgage (modified October 15, 2025, read November 11, 2026).
What to have ready
The FCAC lists things a lender may need from you. Which ones apply depends on whether you stay or switch.
| What | When you need it | Why |
|---|---|---|
| Your renewal statement | Staying or switching | It shows your balance, rate, frequency, term and charges |
| Proof of competing offers | Negotiating with your lender | To ask for a lower rate. Mention offers from other lenders or brokers |
| A new application | Switching lenders | The new lender may use different criteria, so you need its approval |
| Your mortgage insurance certificate number | Switching, if your mortgage is insured | You get it from your current lender |
| Signed registration documents | Switching | These may be signed with a lawyer or notary |
| Your answer on a collateral charge | If your mortgage is a collateral charge | The FCAC says to ask whether it is a standard or collateral charge, and to allow a few months |
Source: Financial Consumer Agency of Canada: Renewing your mortgage (modified October 15, 2025, read November 11, 2026).
What to decide before you sign
The FCAC says to review your needs: whether your budget allows higher payments, a different payment frequency or extra payments, whether to consolidate debt, and whether you still need optional insurance. It says to negotiate with your current lender and mention competing offers.
- Do not wait for the renewal letter. The FCAC says to start shopping a few months before your term ends.
- Ask what your lender will offer if you say you are shopping around.
- If you want to keep your payment the same after a lower rate, you pay the mortgage off sooner. The FCAC says this helps you pay it off faster.
Sources: Financial Consumer Agency of Canada: Renewing your mortgage (modified October 15, 2025, read November 11, 2026); Financial Consumer Agency of Canada: Paying off your mortgage faster (modified October 15, 2025, read November 11, 2026).
What switching can cost
- Set up fees: discharge, registration, transfer or assignment fees.
- An appraisal fee, if the new lender needs one.
- Other administration fees.
- For a collateral charge: fees to remove and register the charge, and the FCAC says all loans secured by the charge, such as car loans or lines of credit, must be repaid or moved.
- A new mortgage insurance premium may apply if the loan amount goes up or the amortization is extended.
- Stretching your amortization lowers your payment but raises total interest. The FCAC says it may add up to thousands or tens of thousands of dollars.
Source: Financial Consumer Agency of Canada: Renewing your mortgage (modified October 15, 2025, read November 11, 2026).
Be careful about who contacts you
Contact your lender using the number on your statement or its website. Do not click a link in a text or an email about your renewal. Scammers copy lender notices.
Questions people ask
What do I need to renew my mortgage?
Your renewal statement, and then your choice. If you stay, you review and sign the new contract. If you switch, the FCAC says the new lender may need a new application, proof of competing offers, your mortgage insurance certificate number and signed registration documents.
When will I get my renewal letter?
The FCAC says federally regulated lenders such as banks must send your renewal statement at least 21 days before your term ends.
Do I have to pass the stress test to renew?
The FCAC page does not cover the stress test. See our stress test guide for what OSFI and Finance Canada say about switching lenders at renewal.
Will my mortgage renew automatically?
It can. The FCAC says if the lender plans to renew automatically, it will say so in the renewal statement.
Can I negotiate my renewal rate?
Yes. The FCAC says to negotiate with your current lender and mention competing offers, and to start shopping a few months before your term ends.
What does switching lenders cost?
The FCAC lists possible set up fees, an appraisal fee, administration fees and, for a collateral charge, fees to remove and register it. The page does not give dollar amounts.