See how your renewal offer really stacks up
The easy way to compare your bank’s mortgage offer with what’s on the market.
What is a mortgage renewal?
About 6 months before your mortgage term ends, you’ll receive a new offer from your mortgage lender to renew. Before signing, it’s important to understand how competitive that offer is and to assess if your mortgage needs have changed.
What is a mortgage renewal?
When your current mortgage term comes to an end, your contract is renewed for another term with the same lender or a different one. This is a great opportunity to review your mortgage needs and look at different options that might work better for your current financial situation and goals.Â
Find the right mortgage fit with 
Save big on your mortgage, which means more money for a vacation or to tackle that home project.
- Get access to mortgages from 30+ trusted lenders
- Get a mortgage approval in as little as 48 hours
- Save up to $3,000 per year in mortgage interest
We’ll do the hard work to maximize your savings
Get another opinion before you renew. We’ve made it easy to find your next mortgage.
We'll do all the
hard work for you
When you work with Perch, we’ll get you the lowest rate available on renewal so you can save on your mortgage.
How to renew your mortgage
01
Compare your renewal offer using our mortgage search engine
02
Sign up to Perch and add your property details
03
Select your mortgage to start your renewal or chat with a mortgage advisor.
- who: Homeowner
- real estate goals: Mortgage renewal
- issues: Finding a competitive rate
Homeowners
Free up cash and consider refinancing
When you refinance, you'll unlock a lower cost of borrowing. This enables you to:
- Take advantage of equity to buy another property or start renovations
- Free up cash flow to invest or for day-to-day expenses
- Consolidate your debts so you can focus on one paymentÂ
Consider refinancing and access equity
- Take advantage of equity to buy another property or start renovations
- Free up cash flow to invest or for day-to-day expenses
- Consolidate your debts so you can focus on one paymentÂ
Today’s best
mortgage rates
5-year variable
Refinance: 6.35%
5-year fixed
Refinance: 5.94%
Calculators and tools:
Mortgage renewal FAQs
What are the benefits of renewing my mortgage?
How often are mortgages renewed?Â
Do I have to renew my mortgage with the same lender?
What should I do if I want to renew with the same lender?
What should I do if I want to renew with a different lender?
If you decide to switch lenders, you will have to submit a new mortgage application. You should keep in mind the cost of switching and what approval criteria your new lender might use. Costs to switch can include a home appraisal, legal fees, administration fees and more. Sometimes your new lender might help with these fees since you are switching to them so it’s a good idea to get your mortgage advisor to ask.
Are there reasons to stay with the same mortgage lender?Â
Another reason why you might choose to stay with the same lender is if your financial situation has gotten worse. Renewing with your existing lender might be the best option since you will not have to pass the federal mortgage stress test, but you might get stuck with a higher rate. You don’t want to risk not getting approved on a loan with a different lender or fail the mortgage stress test.
What happens if my lender doesn’t want to renew my mortgage?
If you have missed payments or have somehow not complied with your mortgage contract, your lender may choose not to renew your mortgage. They are legally required to tell you in advance of your current mortgage term ending, which should give you time to find another lender.
If you have a low credit score, it may be beneficial to work with a mortgage broker as they can find a lender that is more willing to accept clients with a weaker credit history. It’s important to note that you will most likely get a higher interest rate when going with a more flexible lender.
How long does it take to switch lenders?Â
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