Mortgage options

Is your mortgage coming up for renewal?

Your mortgage term doesn’t renew automatically. When your mortgage comes up for renewal, it's a great opportunity to reassess your rate, your product and your payment schedule. Whether you renew online in minutes or sit down with an advisor, we’ll make the process straightforward.

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A young couple takes a well-earned coffee break from moving into their new home.

Your guide to renewing your mortgage.

Step 1: Assess your finances

Review your budget and prepare for your upcoming mortgage renewal.

  • Use our budget calculator to estimate a comfortable mortgage payment. 
  • Consider whether higher or lower payments fit your financial goals. 
  • If your mortgage is with another lender, explore switching to Conexus before renewing.

Step 2: Choose your terms

Decide whether to keep your mortgage or explore new options.

  • Connect with a Financial Advisor to discuss your renewal options. 
  • Discuss if you want the same mortgage product you had previously, or if you want a new one (e.g., choosing a fixed or variable mortgage, an open or closed mortgage, etc.).
  • Discuss current interest rates. Be mindful that interest rates do change and may be lower or higher than your previous rate, which in turn could decrease or increase your new payment amounts.
  • Choose your payment schedule.

Step 3: Renew your mortgage

Finalize your renewal and get ready for your next mortgage term.

  • Review your renewal offer carefully before accepting. 
  • If you're keeping the same mortgage product, you may be able to complete your renewal through online banking. 
  • If you'd like to change mortgage products or discuss your options, connect with a Financial Advisor.

Renewing vs. refinancing

When it comes to mortgages, renewing and refinancing serve different purposes. Renewing your mortgage means your mortgage term is coming due and you need to negotiate a new term and interest rate for your existing mortgage. Refinancing means you’re looking to replace your existing mortgage with a new one.

Explore your options
FAQs

Common questions.

Here’s what people ask us the most.

We'll typically contact you about 120 days (3-4 months) before your mortgage maturity date, giving you time to review your renewal options, compare rates and terms and decide whether you'd like to renew your mortgage or explore other options before your current term expires. 

Yes. Renewal is a great time to review your mortgage and decide whether you'd like to change your mortgage product, interest rate type, term or payment schedule. A Financial Advisor can help you compare your options. 

Yes. If your mortgage is with another lender, renewing can be a good time to switch to Conexus. Our team can help guide you through the process and discuss programs that may help with eligible transfer costs. 

Yes, if you’re keeping the same mortgage product and meet the eligibility requirements, you may be able to renew your mortgage through online banking*. If you’d like to change your mortgage product, term, payment options or discuss other solutions, connect with a Financial Advisor. 

Mortgage Switch Program

Have an existing mortgage elsewhere?

Whether you're seeking better features, a competitive interest rate or simply exploring new opportunities, we’ll make transferring to Conexus a smooth transition. Our team will be here to help guide you through the process of moving your mortgage to Conexus and our Mortgage Switch Program can help cover up to $1,750* of any applicable transfer fees. 

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*Subject to change without notice. Some terms and conditions apply.