Karen Matthey

The Mortgage Professionals
FSRA Lic#10280

Renewing Your Mortgage

Renewing a Mortgage in Kingston

Why Renew Your Mortgage?

The goal of almost every borrower is to pay the least amount of interest and pay off their mortgage as quickly and cheaply as possible. This means ensure that at renewal of your mortgage, you look around to determine what your options are and if there is a better deal for you elsewhere.

When a mortgage has reached its maturity date, the existing lender will mail out a Renewal Statement which offers a new interest rate and new mortgage terms.

In order to find the best mortgage, borrowers should consult a reputable mortgage broker who has access to many different mortgage lenders and who can compare interest rates, terms and prepayment options.

Here are some terms and conditions you should know:


Most mortgage lenders will provide an extremely competitive rate to borrowers who are switching lenders and pay the legal fees, and appraisal costs in order to switch.


Often, mortgage renewal is a time when new mortgage terms can be sought after and negotiated. For example, having the ability to prepay a larger amount of mortgage without penalty can save you thousands over the life of your mortgage.

Amortization Period

As a borrower pays down their mortgage they also shorten their amortization period (number of years it takes to pay off the mortgage). When a borrower renews their mortgage, they must be careful not to restart the amortization clock back to 25 or 30 years, for example. Since financial institutions are in the business of making money, it’s no surprise that this particular trap often goes unnoticed.

Looking to renew your Mortgage?

There are NO broker fees to renew or switch your mortgage to a better interest rate and better terms.
A Renewal Agreement from the existing lender Documents Required For Financing
Yes, they typically do. Paid legal fees & appraisal costs through a switch program (conditions apply on switch/transfer products as they must be eligible as a true conventional switch).

I look forward to helping you with your mortgage financing.