Mortgage Renewals in Newfoundland & Labrador

No. When your mortgage term ends, you can consider renewing with your existing lender or moving your mortgage to another lender. It's worth comparing your options before signing a renewal offer.

Generally, switching lenders involves a new application and qualification process. However, depending on the circumstances, borrowers making a straight switch at renewal may be eligible for different qualification treatment than someone refinancing or increasing their mortgage. We'll review your situation and explain what applies to you.

If you switch when your existing mortgage term has ended, there generally isn't a prepayment penalty for paying out the mortgage. There can still be other costs associated with switching, depending on the mortgage and lender, so it's important to compare the overall cost rather than just the rate.

Yes. Renewal can be a good time to consider refinancing if you want to access equity, consolidate debt or make other changes to your mortgage. Refinancing is different from a straight renewal or lender switch and requires qualification.

Starting approximately 120 days before your renewal date can give you time to review your current mortgage, compare options and make a decision without feeling rushed.

No. An early-renewal offer can be convenient, but convenience doesn't mean it's your best option. Before signing, consider the rate, term, features, penalties and alternatives available elsewhere.

Sometimes, but a lower rate isn't guaranteed. A mortgage broker can compare options from multiple lenders and help you evaluate the overall mortgage—not just the rate—to determine whether staying or switching makes sense.