The Mortgage Renewal Mistake 72% of Canadians Make

Date Posted: September 3, 2025

 

 

 

 

When your mortgage comes up for renewal, you’ll likely receive a letter or email from your current lender with a new rate and term.

Here’s the mistake most people make: they just sign it.

According to a recent survey, over 72% of Canadians automatically renew their mortgage with the same lender — without shopping around or exploring their options.

At Mortgage Brokers Ottawa, we help you avoid this costly mistake by reviewing your renewal offer, shopping the market, and negotiating on your behalf — all at no cost to you in most cases.

 

 

💸 Why Auto-Renewing Could Cost You Thousands

Lenders count on your convenience. They know you’re busy — and that it’s easier to just sign the offer than do the research. But that renewal offer:

• May not be the lowest available rate

• Might not include the best terms for your situation

• Could limit your flexibility if your needs have changed

Even a small rate difference can add up to tens of thousands over the course of your new term.

 

 

🧠 A Renewal Is the Perfect Time to Re-Evaluate

Renewal isn’t just a rate change — it’s a chance to rethink your entire mortgage strategy. We’ll help you look at:

• ✅ Fixed vs. variable options based on current rate trends

• ✅ Whether your mortgage should be portable (if you're planning a move)

• ✅ Whether a different amortization period would help your cash flow

• ✅ If you should consolidate debt or access equity now

 

 

🤝 How We Help

As your mortgage broker, we:

• Shop your mortgage to multiple lenders

• Compare rates, terms, and privileges

• Help you understand the fine print

• Support you through the process — with less stress and more transparency

And again — our services are typically free. The lender pays us, not you.

 

 

💬 Your Renewal Letter Isn’t Your Only Option

📅 If your mortgage is coming up for renewal in the next 4 to 6 months, now is the time to get started. Don’t wait until that letter hits your inbox.

📍Reach out to Mortgage Brokers Ottawa — we’ll take care of the heavy lifting and make sure your renewal works for you, not just your lender.