Before you sign your renewal, look beyond the rate

Published November 4, 2026 · CENTUM Discount Mortgage Canada Inc.

A renewal is a useful time to revisit your mortgage. Your plans may have changed since you first arranged it: a move, a renovation, retirement or a change in income can alter what you need from the next term.

Start with your plans

Tell your broker when your current term ends, whether you expect to move and whether you anticipate needing additional funds. A useful comparison starts with your circumstances rather than a rate advertisement.

Compare more than the payment

Ask about prepayment privileges, portability, restrictions and how a penalty would be calculated if you needed to end the mortgage early. If you are comparing a refinance with a renewal or switch, ask for the costs to be separated clearly.

Gather your documents early

Have your mortgage statement and renewal notice ready for the discussion. Your broker can explain what further income and property documents may be needed. Arrange a suitable way to share documents rather than sending sensitive records in an initial email.

Contact Roy to review your renewal and the financing options available for your situation. An advertised rate is a starting point; eligibility and the final terms require review.

Further reading: FCAC — choosing a mortgage

General educational information. Mortgage approval, costs and product terms depend on your circumstances and the lender. Confirm current requirements with Roy.