Do not just sign the renewal letter
That letter is an opening offer. Renewal is also the one moment you can restructure with no penalty at all.
Renewal season fills my inbox with dread, and it does not have to. Your renewal is a chance to make a smart decision, not just a form to sign.
The mistake most people make
The renewal letter your lender sends is the easy offer, not the best one. Signing it without looking around is how a lot of families quietly pay more than they need to for years. A few minutes of looking at your options first can change what your next term costs you.
Why a renewal is a real opportunity
A renewal is the natural moment to step back and ask whether your current mortgage still fits your life. Maybe your goals changed. Maybe you have equity now that you did not have before. Maybe consolidating some debt into the renewal would ease the monthly squeeze. The lowest rate is rarely the whole story, and a renewal is the perfect time to look at the whole picture.
What to do, and when
Open the renewal letter early, do not wait until the deadline. The earlier you look, the more room there is to shop and to plan. As a rule, start the conversation a few months before your renewal date, so you are deciding from a calm place instead of a rushed one.
How I help
I compare your options across many lenders, not just your current one, and I explain what each really means for your payment and your goals. No pressure, just clarity, so you renew into the right mortgage instead of the convenient one.
Watch: Mortgage Renewal in Ontario, What Actually Happens
What the video covers
A renewal letter is an offer, not a final number. Most homeowners sign the first one that lands in the mail, and that is usually the most expensive way to renew.
- What actually happens in the weeks before a mortgage term ends
- Why the rate on the renewal letter is rarely the best one that lender can do
- How a switch to a different lender works, and roughly what it involves
- When to start looking, so there is time to move if the numbers say to
Renewal coming up?
Let’s look at your options together before you sign anything, no pressure.
This is where I explain most of this
Short, plain-language answers to the questions homeowners actually ask, plus a fair amount of the lake.
Follow along on InstagramGeneral education, not financial advice. Any figures are illustrative only and subject to lender approval (O.A.C.). Lora Fenn, Mortgage Agent Level 1, DLC Yellow Brick Mortgages (Brokerage Licence #13854). 705-881-2780 · lfenn@dominionlending.ca · lorafenn.ca
What clients say about their renewal
Renewal letters make people nervous, and most of that comes from nobody ever explaining the options. Here is what it was like for people who called.
“I had an outstanding experience working with Lora. From day one, she made the entire process feel simple and stress-free. She explained every step clearly, answered all my questions with patience, and always made sure I felt confident in my decisions. Her professionalism and genuine care really stood out. I’m grateful for her support and would happily recommend Lora to anyone looking for a smooth, mortgage renewal experience. Thanks Lora!”
Joel C. · May 2026
“Lora promptly provided mortgage options to me when I needed to renew. She showed me options that I had never heard of and was very knowledgeable. I look forward to working with her again!”
Heather E. · March 2026
“Lora is knowledgeable, responsive, and takes the time to explain mortgage options clearly. Her guidance makes the process smooth and stress-free, and she works hard to secure a competitive rate. I would highly recommend Lora to anyone looking for a trustworthy and dedicated mortgage agent.”
Karen S. · June 2026
Read all 23 reviews, or see them straight on my Google profile.
Reviews are reproduced from Google as written by the reviewer, with last names shortened to an initial. Individual results depend entirely on your own situation and lender approval (O.A.C.). General education, not financial advice. Lora Fenn, Mortgage Agent Level 1, DLC Yellow Brick Mortgages (Brokerage Licence #13854).
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\nRenewal questions I get every week
Renewal letters make people nervous, and most of that comes from nobody ever explaining the options.
Should I just sign the renewal my bank sent me?
You can, and plenty of people do because it is the easy button. Worth knowing is that a first offer is rarely the best one available, and signing it means you never found out what else was on the table. Comparing costs you nothing.
When should I start looking at my renewal?
Four to six months out is ideal. That leaves time to shop properly and lock something in without any pressure. Earlier is fine too, and I would far rather hear from you too soon than too late.
Does switching lenders cost me anything?
At the end of your term a straight switch is usually low cost, and the new lender often covers it. Breaking a term early is a different situation and there can be a real penalty. I will tell you plainly which one you are in before you commit to anything.
My renewal payment jumped and it scares me. What are my options?
There are more than most people realize. Extending the amortization, changing payment frequency, or restructuring other debt at the same time can all bring the monthly number down. Some carry long-term trade-offs, so we talk through what each one actually costs you over the full term.
Can I renew early?
Sometimes, and whether it is worth it depends on the penalty against the savings. I run that math before you decide, and if staying put is the better move I will say so.
My bank offered a high rate at renewal. What are my options?
You do not have to accept whatever your bank offers you at renewal. That window is actually the best time to shop around, and there is no penalty for doing it while you are still inside it. I look past the big banks to alternative lenders and credit unions across Simcoe County, and that often turns up a better rate or terms that actually fit your life, sometimes even a way to fold high-interest debt into the new mortgage so your month feels lighter.
General education, not financial advice. Rules, rates and lender policies change, and every figure here depends on your own situation and lender approval (O.A.C.). Ask me for the current numbers before you plan around any of them. Lora Fenn, Mortgage Agent Level 1, DLC Yellow Brick Mortgages (Brokerage Licence #13854).
