How to Prepare 6 Months Before Your Mortgage Renewal in 2026

Mortgage renewal is one of the most important financial moments for Canadian homeowners. In 2026, with interest rates stabilizing but still higher than past lows, preparing six months before your mortgage renewal can save you thousands in interest and give you stronger negotiating power.

Here’s a step-by-step guide to help you get ready.

Why 6 Months’ Notice Matters in 2026

Starting early allows you to:

• Compare lenders without pressure

• Improve your credit profile

• Reduce debt to qualify for better rates

• Lock a competitive rate before market changes

Waiting until the last minute often limits options.

Month 6: Review Your Current Mortgage

Begin by understanding what you have today:

• Interest rate and term

• Remaining balance and amortization

• Prepayment privileges

• Penalties for breaking or refinancing

This sets the baseline for comparing new offers.

Month 5: Check Your Credit and Finances

Lenders will reassess your credit at renewal—especially if you plan to switch lenders.

Actions to take:

• Check your credit report for errors

• Pay down credit cards and lines of credit

• Avoid taking on new debt

A stronger credit profile means better pricing.

Month 4: Estimate Your Renewal Options

Start comparing:

• Fixed vs variable mortgage options

• Shorter vs longer terms

• Payment and interest differences

This helps align your mortgage with your future plans.

Month 3: Shop Around and Get Rate Holds

Don’t rely on your lender’s first offer. Compare:

• Banks and credit unions

• Monoline lenders

• Broker-accessed options

Securing a rate hold can protect you if rates rise before renewal.

Month 2: Negotiate With Confidence

With competing offers in hand:

• Ask your current lender to match or improve terms

• Review incentives such as fee coverage

• Evaluate flexibility, not just the rate

Leverage is strongest when you have options.

Month 1: Finalize and Prepare for Closing

Confirm:

• Final mortgage documents

• Legal or discharge fees (if switching)

• Payment schedules and dates

A smooth transition avoids last-minute stress.

Final Thoughts

Preparing six months before your mortgage renewal in 2026 puts you in control. Early planning leads to better rates, stronger terms, and long-term savings. The best renewal strategies are proactive—not reactive.