All About “End of Mortgage Term”

Most people who buy a home in the Greater Toronto Area don’t have enough money saved up to pay it off up front. That’s why the vast majority of people need a mortgage in Ontario. With a mortgage, you borrow an agreed upon amount of money for a set period of time. Most Canadians get a mortgage with an amortization period of 25 years and a mortgage term of five years. What that means is that it will take 25 years to pay the mortgage off in full, and the current mortgage conditions lasts for five years.

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What Are Your End of Mortgage Term Options?

When your mortgage term comes to an end, you have two options, renew with your current lender or renew with a new lender. It’s an important decision to make, and it could end up saving or costing you thousands of dollars in interest payments. That’s why you should never just let your mortgage automatically renew.

More than a quarter (27%) of Canadians with mortgage terms coming up for renewal allow their mortgages to renew automatically, meaning they miss out on any and every opportunity to save money.

Renewing Your Mortgage Term with Your Current Lender

Before deciding on what you should do, you need to sit down and reassess your financial situation and financial needs. If you’re thinking of renewing with your current lender, determine what the interest rate will be and if you want to increase your mortgage payments to save on interest. You might also want to find out if you can consolidate other debt you might have into your new mortgage term.

Renewing Your Mortgage Term with a New Lender

You may have gotten a mortgage with one particular lender, but it’s important to remember, you’re in control of your mortgage at renewal time. If you’re not happy with the bank or current lender, find a lender you are going to be happy with.

Find a lender that offers the rates and conditions that best suit your needs. Keep in mind, when you renew with a new lender you’ll need to approve your application, just like the bank did when it gave you your first mortgage.

At the same time, just because you get a first mortgage doesn’t mean you’ll automatically qualify when you renew with a new lender. It’s possible your financial situation has changed; perhaps you have more debt, make less money than before, or your credit rating has been hit.

New lenders might think you’re too much at risk for defaulting and not give you a mortgage. Most people think they are stuck with their current lender. They’re not. There are a large number of private mortgage lenders in Toronto that specialize in helping homeowners who have been turned down by traditional lenders renew their mortgage term.

When to Start Thinking about Renewing Your Mortgage

Start looking for different rates and terms when there’s around 120 left before the mortgage term ends. Rate guarantees, with traditional banks, means you will get their lowest rate for a set period of time, typically 90 to 120 days. If the rate goes down during that period, you automatically get the best rate.

That said, private lenders might be able to give you a rate guarantee that’s better than the big banks. Staying on top of the end of mortgage term date and knowing your options could end up saving you thousands of dollars over the life of the mortgage., Helping Canadians with End of Mortgage Terms

Before renegotiating or renewing with a new lender, you should consult a mortgage expert at to determine which is right for you.

The licensed mortgage professionals at can help you renew your end of mortgage with a new lender or help you break the end of mortgage term early. Why use The mortgage specialists at are independent, which means we have access to hundreds of different lenders; lenders that can help you renew a mortgage at the best rates and terms.

They can also help you find a private lender willing to renew a mortgage if you’ve been turned down by one of the big banks or trust companies.

If your mortgage end of term is coming up or you want to find out what kind of mortgage you qualify for, contact today or apply online and a mortgage specialist will set up an appointment at your earliest convenience.

Bob Aggarwal

Mr. Aggarwal was one of the original founders of, one of the largest volume Mortgage Brokerage houses in Canada. Mr. Aggarwal has over 12 years of experience in Brokerage and Lending in the small and medium business sector, as well as experience and expertise in the residential housing market. Since the inception of, Mr. Aggarwal has been instrumental in developing the operating platforms, and policies and procedures which have guided the organization to date.


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