Mortgage renewal checklist for GTA homeowners

Start the renewal about four months before the maturity date. Read the lender's offer, ask what it would cost to leave, and compare that offer with what other lenders will do on the same property and the same income. If you do nothing, many lenders roll the mortgage into a renewal you did not choose. MKG Mortgages runs this review for homeowners across the Greater Toronto Area from the North York office.

A renewal is not a reward for paying on time. It is a new contract. The remaining balance, the remaining amortization, and the new term are all open. So is the chance to move the mortgage, increase it to pay other debts, or leave it where it is because the penalty and the hassle are not worth a move.

The dates

Find the maturity date on the current mortgage statement or in the annual disclosure. Count back four months and put that date on a calendar. At four months, most lenders will discuss a renewal and most new lenders can order an appraisal, if they need one, without rushing the lawyer.

The renewal letter often arrives later, sometimes inside the last month. Waiting for it is how files get signed on the lender's form because there was no time to look elsewhere. Ask for the early renewal options in writing. Keep the letter when it comes. The numbers on it are the ones you are being asked to accept.

If you might break the term before maturity, ask the current lender for a payout statement. The penalty is the lender's figure. An online estimate is a sketch. Do not give notice to a buyer, and do not waive a condition on a new purchase, until that statement is in hand. The prepayment penalty estimator is a way to see the shape of a penalty. It is not the statement.

The checklist

Work through this in order. Each item is a document or a decision, not a feeling about the lender.

1. Current mortgage statement showing the balance, the payment, the maturity date, and the remaining amortization.
2. The renewal offer, including any deadline printed on it.
3. A payout statement if you might leave before maturity, or a written note from the lender that the penalty at maturity is nil.
4. Property tax statement and, for a condo, the status certificate or the management contact so a new lender can order one.
5. Home insurance binder with the lender named as required.
6. Two recent pay stubs, a job letter, and the latest notice of assessment if a new lender will underwrite the file. Self-employed owners bring the package described on the self-employed mortgages page.
7. Statements for any credit card, line of credit, or car loan you might clear or keep.
8. A decision on whether the mortgage stays the same size or grows to consolidate other debt. That second path is a refinance, and it belongs on the refinancing page.
9. Government photo identification and the void cheque for the payment account.
10. The name of the lawyer or title company if the mortgage is switching lenders. A straight renewal with the same lender often needs no lawyer. A switch does.

If the property has a second mortgage or a HELOC registered behind the first, get that balance too. A new first lender will want it postponed or paid out. Ignoring a second charge is a common reason a switch stalls in the last week.

What to compare

Compare the offer you have with at least one other option built on the same balance and the same remaining amortization. A longer amortization lowers the payment and increases the interest you will pay over time. A shorter one does the opposite. Pick the amortization on purpose.

Ask what happens if you sell or refinance during the new term. A closed term with a large penalty is a real cost in a city where people move for work, school, or a larger home. An open term costs more to hold and less to leave. The right one is the one that matches the next few years you can actually describe.

If you want access to equity without replacing the whole mortgage, look at a HELOC beside the renewal rather than assuming the renewal is the only product. If the first mortgage should stay and a smaller amount is needed for a short time, a second mortgage is a different tool. Name the job before you pick the product.

Illustrative example

Illustrative example. A homeowner in Mississauga has a maturity date in June. In February they pull the mortgage statement, ask the lender for early renewal options, and send MKG Mortgages the balance and the remaining amortization. Two paths are written down. One is to accept a renewal and keep the charge with the current lender. The other is to switch, which needs an appraisal, a job letter, and a lawyer. They also price the idea of rolling a car loan into a larger mortgage and decide the penalty and the new borrowing are not worth it, so the car loan stays. The point of the example is the sequence: dates first, documents second, decision before the letter expires. The lender still has to approve any switch.

The same sequence is used for a condo in North York, a house in Brampton, a townhouse in Oakville, or a new build in Milton. A condo adds the status certificate. Breaking a term early adds the penalty statement.

City pages

Renewals are handled across the GTA. Use the service page, then the city where the property sits:

• Mortgage renewals
• Mortgage renewals in North York
• Mortgage renewals in Toronto
• Mortgage renewals in Vaughan
• Mortgage renewals in Mississauga
• Mortgage renewals in Brampton
• Mortgage renewals in Oakville
• Mortgage renewals in Milton

If the renewal is really a move-up — you are selling this home and buying another — say so at the first call. The sale date, the purchase date, and the bridge between them have to sit on one page. That file is a purchase as well as a renewal, and it starts on home purchase.

Bring the checklist even if you expect to stay. Signing the lender's form because it was the only paper on the kitchen table is how people keep a mortgage they never compared.

Frequently asked questions

When should I start?

About four months before maturity. Sooner if you might break the term, because the penalty statement takes time and it changes as the balance changes.

Do I need a new application to renew?

Not always. A renewal with the same lender can be a short form. A switch to a new lender is a full application: income, property, and credit. Assume the full file until someone confirms you can stay on the short form.

Can I consolidate debt at renewal?

Yes, if you increase the mortgage and the new lender approves the larger amount. That is a refinance timed to the maturity date, which avoids a penalty you would pay mid-term. See debt consolidation if clearing other balances is the real goal.

What if my income is from a business?

Use the same documents as a purchase: notices of assessment, the return, and bank statements. A renewal with a new lender is underwritten. The current lender's short form may not ask, and a new lender will.

Will my property be appraised?

Sometimes. A switch, a larger mortgage, or a property the lender has not seen can trigger an appraisal. A same-lender renewal often does not. Ask before you book a vacation in the week of closing.

Does the stress test apply at renewal?

Not on a straight renewal with the current lender, and not on every switch. OSFI's minimum qualifying rate for uninsured mortgages is the greater of the contract rate plus 2% or 5.25%. On the page checked October 18, 2026, OSFI says it does not expect lenders to apply that rate to an uninsured straight switch at renewal, when the loan amount does not go up and the amortization is not lengthened. Borrowing more, adding a HELOC, or stretching the amortization puts the test back on the file. The new lender can still look at income, credit, and the property. That is why the maturity letter is not the only offer worth reading. The rule is on OSFI's minimum qualifying rate page.

Any rate or payment mentioned is illustrative and on approved credit (OAC). It is not a quote, a commitment, or a current offer.