What is it?

Renewing your mortgage is the process of extending or securing a new term and interest rate for your existing mortgage when the current term is about to end. It gives you the opportunity to reassess your financial situation, review your mortgage needs, and negotiate your mortgage terms and interest rates.

When to renew?

Mortgage terms typically last one to five years. It’s important to note that your mortgage doesn’t automatically renew. That’s why we recommend starting the renewal process three to four months before your current mortgage term expires.

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.

Your step-by-step guide to renewing your mortgage

Step 1

Assess your finances

bullet icon

Use our budget calculator to see what you may be comfortable spending on a mortgage payment each month.

bullet icon

Evaluate if you can afford higher payments or need smaller monthly payments. The type of mortgage you pick, along with the interest rate and term length, will affect your payment amounts.

bullet icon

If not already with Conexus, consider transferring your mortgage. Our Mortgage Switch Program can help cover some of the transfer fee costs.

Step 2

Choose your terms

bullet icon

Contact one of our Financial advisors to start the renewal conversation.

bullet icon

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.).

bullet icon

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.

bullet icon

Choose your payment schedule.

Step 3

Review and sign your new mortgage contract

bullet icon

Work with your Mobile Mortgage Specialist or a Financial advisor on your new mortgage contract.

bullet icon

Sign the new mortgage contract with details agreed upon.

Tools & Resources


Calculate your potential mortgage payments.

Money Advice for Life

Fixed vs. variable: there are many things to consider.

Have questions? That’s what we’re here for!

 A male employee with a beard is wearing glasses and a headset.

Give us a call

Have questions about which mortgage option is most suitable for you?

A female employee wearing a yellow blouse is smiling at a member.

Connect with us

Ready to start your homeownership journey? Fill out this form and one of our Mobile Mortgage Specialists or Financial advisors will be in touch shortly.