When it’s time to renew your mortgage in London, Ontario, a little preparation can go a long way. Whether you’re a seasoned homeowner or navigating your first mortgage renewal, understanding the process and knowing how to prepare can save you time, money, and stress. Here are our top tips for ensuring your mortgage renewal process is as smooth and advantageous as possible.

1. Start Early

Begin reviewing your options several months before your current mortgage term ends. Lenders typically send out renewal offers 120 to 160 days before your term expires. However, don’t feel pressured to sign the first offer. Starting early gives you ample time to shop around and compare rates.

2. Evaluate Your Financial Goals

Your financial situation and goals might have changed since you first secured your mortgage. Consider whether you want to pay off your mortgage faster, lower your monthly payments, or maybe you’re looking for more flexibility in your payment options. Understanding your current financial goals will help you choose the right mortgage product.

3. Shop Around

Loyalty doesn’t always pay off when it comes to renewing your mortgage. Explore what other lenders offer. Sometimes, the fear of paperwork and the unknown can keep homeowners from seeking better deals. Yet, with the competitive mortgage landscape in London, Ontario, shopping around could lead to significant savings.

4. Negotiate Your Rate

Don’t accept the first rate your lender offers. Armed with research on current rates and what other institutions offer, negotiate with your lender. If you have a good payment history and solid credit, you’re in a stronger position to get a better rate. Remember, even a slight reduction in your interest rate can result in substantial savings over the term of your mortgage.

5. Consider the Terms

While the interest rate is a significant factor, other terms are just as crucial. These include the flexibility to make extra payments, penalties for breaking your mortgage early, and the option to transfer your mortgage to a new property without penalty. Make sure the terms align with your needs and financial goals.

6. Consult with a Mortgage Professional

Navigating the mortgage renewal process can be complex. Consulting with a mortgage professional can provide you with insights and advice tailored to your specific situation. They can help you understand the nuances of different mortgage products and negotiate on your behalf.

7. Review Before You Sign

Before signing your mortgage renewal agreement, review all the terms carefully. Ensure you understand every aspect, including the interest rate, term, payment schedule, and any fees or penalties. Don’t hesitate to ask questions if anything is unclear.


Mortgage renewal time is an opportunity to reassess your mortgage and ensure it aligns with your current financial goals. By following these tips, you can navigate the mortgage renewal process in London, Ontario, with confidence. Remember, preparation and research are key to securing the best mortgage for your needs.