Mortgage renewal is an opportunity at the end of a mortgage term to negotiate the conditions of your contract, such as the interest rate, payment schedule and more. If you still owe money on your mortgage when the current term is up, you'll need to renew it for another term.

Do mortgage payments go down when you renew?

“At renewal a borrowers mortgage balance is lower, and it's likely that the borrowers household income has increased as well.

Does your mortgage renew automatically?

When it comes to mortgage renewals, if you do not take action your mortgage will in many cases either renew automatically or become in default. When your mortgage term approaches the end, your mortgage lender will typically offer you renewal terms that you may choose to accept, negotiate, or decline.