Because mortgage rates may fluctuate often, revisiting your current mortgage product is beneficial, regardless of how long you've had it.

Early renewal involves renegotiating the mortgage term and interest rate before maturity.

Some mortgage products allow the borrower to renew their mortgage early at any time during the term.

A prepayment charge may apply if the borrower:


  • Has a closed-term mortgage
  • Renews their mortgage before the end of the term


Before a client does an early renewal, they should contact their lender to get details of any prepayment charge or other fees that could be charged for renewing early. Also, find out if there are options to capitalize the prepayment charge or if there are any restrictions on what products the client may renew early into.

As a local mortgage broker, I can shop the market for you and help determine whether you'll save money by breaking your current mortgage and renewing early. I'm happy to discuss the possibilities with you.

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