Solutions · Cash flow & debt
Your renewal is a decision, not a signature.
With many mortgages set to renew over the next year, now is the time to review all options. Renewals may come with payment adjustments depending on the rate environment and the product you choose — strategic planning helps you avoid surprises and align the decision with your cash flow and goals.
Reviewed by Stan Rashev, mortgage & real estate broker · Updated
The short answer
Your mortgage renewal is the one moment you can change lenders, term and amortization without paying a penalty. Best Mortgage Montreal starts the review 9 to 12 months before maturity, compares 30+ lenders, and models the payment shock before it arrives. Since November 2024, uninsured borrowers can switch lenders at renewal without re-passing the stress test, and many lenders cover the switch costs. Signing the first renewal letter is rarely the best offer.
01 Sounds like you?
This is for you if…
The renewal offer your lender mails you is rarely its best — and almost never the market's best. Starting early turns renewal from a deadline into leverage.
Talk it through- 01Your renewal letter arrived and you're tempted to just sign it.
- 02Your payment is going to rise at renewal.
- 03Your income, family or plans have changed since you signed.
- 04You'd like to consolidate debt or access equity at the same time.
- 05You're not sure whether to go fixed or variable this time.
03 Structures we'll compare
There's always more than one way to do it.
We'll put at least two or three of these side by side for your situation — with the real cost, the trade-offs and the fine print of each.
04 In depth
What to know before you decide.
For most homeowners, renewal is the single cheapest moment to change their mortgage — no penalty, a clean slate and every lender competing for the file. Yet most people sign the first letter they receive. A little planning turns a routine signature into one of the most valuable financial decisions of the decade.
Ask us about your situationWhat happens at maturity if you do nothing
Your lender will send a renewal offer, often only a few weeks before maturity. Signing it is the path of least resistance, which is exactly why it is rarely the lender's sharpest pricing. If you do nothing at all, some lenders renew you automatically, sometimes into a short or open term at a higher rate. Planning nine to twelve months ahead gives you time to compare offers, decide on a term calmly, and restructure if your situation calls for it.
Choosing the right term this time
The best term is the one that matches your plans, not the one with the lowest headline rate. If you might move, sell a rental or refinance within three years, a five-year term can expose you to a penalty that wipes out any rate advantage. If you value predictability and plan to stay put, a longer fixed term can be worth a slightly higher rate. We model each option against what you expect to happen — and what could happen instead.
Switching lenders in Québec
Moving your mortgage to a new lender in Québec means a notary registers a new hypothec and cancels the old one. Many lenders cover those legal and appraisal costs on a straight switch, which makes shopping your renewal far more practical than most people assume. Since November 2024, uninsured borrowers who keep the same balance and amortization no longer need to re-qualify under the stress test to switch. The result: real competition for your renewal, instead of a take-it-or-leave-it letter.
05 Costs, timing & pitfalls
What it costs, how long it takes — and what to avoid.
What a renewal costs — and what it shouldn't
Renewing with your current lender costs nothing in fees, which is why it feels like the easy option. Switching to a new lender in Québec requires a notary to register a new hypothec, but many lenders cover the legal and appraisal costs on a straight switch of the same balance. What renewal should never cost you is the difference between the first offer and a negotiated rate — a gap that, over a five-year term on a typical Montréal mortgage, can run into the thousands of dollars.
The renewal timeline we follow
Twelve months before maturity we review your goals and whether the current structure still fits. Around 120 days out, most lenders allow a rate hold, so we secure the best available rate while keeping the option to take a lower one if rates fall. Federally regulated lenders must send your renewal statement at least 21 days before the term ends; by then, our comparison is already done and the decision is yours to make calmly.
Renewal mistakes we see
The most expensive mistake is letting the mortgage roll over automatically, sometimes into a short or open term at a higher rate. Others: choosing a five-year fixed term when you expect to sell within two years, ignoring portability and prepayment terms, or resetting the amortization to lower the payment without deciding what to do with the freed cash. Renewal is also the cheapest moment to consolidate debt or access equity, because no penalty applies.
Questions to ask before you sign
When your renewal letter arrives, ask: is this the lender's best rate or its posted offer, what are the prepayment and portability terms, and what would the penalty be if I sold in two years? Then compare at least two other lenders on the same terms. We do that comparison for you, at no cost, before your rate hold expires.
06 An illustration
What it can look like, in numbers.
A Verdun couple renewing a $380,000 balance with 20 years left, coming off a 1.99% five-year fixed from 2021.
Before renewal
- Balance
- $380,000
- Rate
- 1.99%
- Remaining amortization
- 20 years
- Payment
- $1,919
At renewal
- New rate
- 4.34%
- Same amortization
- $2,363
- Reset to 25 years
- $2,070
- Increase, same amortization
- +$444
07 Run your own numbers
Renewal Payment Calculator
See how your payment changes at renewal — at the same amortization or reset to 25 or 30 years — before the letter arrives. Open full page
Monthly payment
08 Good to know
Questions people ask before they call.
Can't find yours? Stan answers the phone himself more often than you'd expect.
(514) 994-1030Toll-free 1 855 777-1711 · by appointment in Saint-LaurentHow early can I renew?
Many lenders allow renewal from about 120 days before maturity without penalty; earlier usually means a blend or a penalty. We start planning well before that so the decision is made calmly.
Do I have to pass the stress test to switch lenders?
For a straight switch of an uninsured mortgage — same amount, same amortization — not since November 2024. Adding funds or extending amortization usually brings qualification back into play.
Fixed or variable at renewal?
It depends on your cash-flow tolerance, your plans over the term and the spread between the two at the time. We model both against your situation rather than predicting rates.
Does switching lenders cost anything?
Often very little — many lenders cover legal and appraisal costs on a straight switch. We confirm the exact costs before you commit.
Related guides
Read more before you decide.
Mortgage Renewal in Québec (2026): A 12-Month Strategy to Avoid Payment Shock
Renewing your mortgage in Montreal or Quebec? A 12-month plan: rate holds, switching lenders without a stress test, amortization choices and real examples.
Read articleSecond Mortgage vs Refinance vs HELOC in Québec: Which Costs Less?
Second mortgage, refinance or HELOC in Montreal and Quebec? Borrowing limits, rates, penalties and fees compared on a real $120,000 example over two years.
Read article09 Often combined with
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About the reviewer
Stan Rashev · Founder, mortgage & real estate broker
Stan Rashev has helped Montréal families, investors and business owners structure mortgages for 22 years. He works with more than 30 lenders, holds a master's degree in engineering, and serves clients in English, French, Russian and Bulgarian.
- Canada's Top 75 Mortgage Brokers, 2023
- #1 broker at Dominion Lending Centres Centre-West Montréal, three years running
- Top 5 broker at First National, Québec & Atlantic
- Desjardins Excellence Gala, 2025
Full profile LinkedIn How we review content
Mortgage brokerage in Québec is regulated by the Autorité des marchés financiers (AMF). You can check any broker's right to practise with the AMF. This page gives general information, not personalized financial advice; rules and rates change, and your options depend on your full file.
10 Start here
Request a confidential mortgage review.
Tell us what you're trying to solve. We'll come back within one business day with our read on the situation and the options worth considering — whether that's with us or not.
- A 30-minute conversation about your complete picture, not a rate quote
- No credit check to get started, and nothing to sign
- A minimum of 2–3 tailored options, explained in writing
- Your information is never shared with third parties
- Zero obligation or cost to you
Thank you — we're on it.
Stan or a member of the team will be in touch within one business day. If it's urgent, call (514) 994-1030.