No — and this is probably the most important thing to know. At renewal, you are completely free to switch lenders without any penalty. Your current lender has no automatic right to keep your mortgage. Many Canadians stay out of habit or because switching feels complicated. As a broker, I make the switch simple — I handle the paperwork, coordinate with both lenders, and ensure everything transfers smoothly.

If your mortgage term ends and you haven't renewed, most lenders will automatically convert your mortgage to an open variable rate — which is typically significantly higher than a standard term rate. You won't lose your mortgage, but you'll likely be paying more than you should. This is another reason to start the renewal process early.

Yes — renewal is the ideal time to make changes. You can switch between fixed and variable, change your amortization period, adjust your payment schedule, add or remove a co-borrower, or access equity through a refinance at the same time. Some changes are straightforward; others require a bit more structuring. I'll walk you through what's possible.

It varies depending on the rate environment and your specific profile, but the savings can be meaningful. Even a 0.10% difference in rate on a $500,000 mortgage saves approximately $500 per year — and over a five-year term that's $2,500. Larger rate differences or larger mortgage balances amplify that considerably. The only way to know what you can save is to see what the market actually offers.

Switching lenders at renewal does involve a new mortgage application, which includes a credit check. This results in a small, temporary dip in your credit score — typically minor and short-lived. In most cases it has no meaningful impact on your financial situation. I'll let you know upfront if there's anything specific to your situation worth paying attention to.

If you want to access equity at renewal time, that goes beyond a standard renewal and becomes a refinance — but the two can happen simultaneously. We structure the new mortgage to both renew your existing balance and access additional equity in a single transaction. This is a common and efficient way to do it. I'll run through the numbers to make sure it makes sense.

Ideally 4 to 6 months before your renewal date. That gives us time to shop the market properly, have a real conversation about your goals, and lock in a rate if it makes sense. The earlier the better — but even if you're only a few weeks out, it's still worth calling. I can often move quickly when I need to.