Mortgage renewal

Your renewal is an opportunity to review the mortgage

Your current lender’s offer may be convenient, but it is not your only option. Before signing, compare the payment, term, flexibility and total borrowing cost, and determine whether renewing, switching or refinancing better fits what you need next.

Review my renewal optionsWhat should I compare?

Three paths to consider

Renew

Accept a new term with your current lender. This may be the simplest option, but the offer should still be reviewed.

Switch

Move the remaining mortgage to another lender at maturity. Approval and certain conditions may apply.

Before you sign the renewal offer

Compare more than the rate. Term length, prepayment privileges, penalties, portability, payment flexibility and your plans for the property can all affect which option fits.

When renewing is no longer routine

Income, credit, debts and life circumstances can change during a mortgage term. If the existing lender’s renewal does not fit, or refinancing elsewhere is more difficult than expected, the next step is to compare the cost, flexibility and longer-term implications of the available options. Switching lenders is not always the better choice.

Review my renewal options

Share a few details about your current mortgage and renewal timing. Athena can help you understand the offer and whether renewing, switching or refinancing is worth exploring. This is not a mortgage application or approval.

1.Renewal timing
Have you received a renewal offer?
2.Current mortgage
3.What you need
What would you like help reviewing?
4.Contact details
Preferred contact method

Please do not include Social Insurance Numbers, banking credentials or identification documents. Athena will provide a secure method if documents are required.

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Useful while reviewing your renewal

Compare Mortgage OptionsCompare up to three mortgage choices side by side.Monthly Mortgage PaymentEstimate the payment for a mortgage amount, rate and amortization.Refinance and Equity Take-Out EstimateEstimate how much equity may be available if you need additional funds.

Common questions

Do I have to requalify when my mortgage renews?

If you renew the existing mortgage balance with your current lender, you will not usually complete the same qualification process required for a new mortgage. Renewal is not guaranteed, however, and your lender may consider your payment history and current circumstances. If you switch lenders, increase the mortgage or refinance, a new application and approval will generally be required.