💰 Should You Renew or Refinance Your Mortgage This Fall?

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Find out whether you should renew or refinance your mortgage this fall 2025. Compare rates, save money, and secure better terms before 2026.

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Introduction

As fall 2025 settles in, many Canadian homeowners are facing an important decision — should you renew your mortgage or refinance it? With interest rates stabilizing after years of fluctuations, now is the perfect time to review your mortgage strategy. Choosing the right move could help you save thousands before your next term begins.

2. Why Fall 2025 Is a Critical Time to Decide

This fall, Canadian mortgage rates are showing signs of stabilization after several Bank of Canada pauses.

• 5-year fixed rates range between 4.59%–5.29%.

• Variable rates remain steady at around prime – 0.25% to prime + 0.50%.

With bond yields softening, some lenders are offering limited-time discounts to attract new clients — making it an excellent time to compare renewal vs. refinance offers.

3. Should You Renew or Refinance?

Here’s how to decide based on your situation:

• 🏦 Renew if:

  • You’re satisfied with your lender’s offer.

  • You prefer convenience and no new qualification process.

  • You don’t need extra funds or debt consolidation.

• 💡 Refinance if:

  • You want to lower your rate or change your mortgage type.

  • You need cash for renovations, investments, or high-interest debt payoff.

  • You expect rates to drop further and want a shorter-term mortgage.

💬 Expert Tip: Don’t sign your renewal blindly — over 60% of Canadians renew without shopping around, potentially missing out on $5,000–$10,000 in savings over their term.

4. How to Save Thousands by Renewing Before 2026

If your mortgage term ends in early 2026, you can renew early and lock in a lower rate today.
Most lenders allow early renewals 120–180 days before maturity — often without penalty.

Example:
A homeowner with a $450,000 balance at 5.3% could save $6,200+ over five years by renewing now at 4.69%.

Platforms like RateShop.ca compare multiple lenders instantly, helping you secure the lowest available renewal rate before winter.

6. Steps to Get Started

1. Check your mortgage maturity date.

2. Compare renewal vs refinance offers across multiple lenders.

3. Ask about rate holds — many lenders lock your rate for 90–120 days.

4. Use RateShop’s online tool to find the best fit based on your income, equity, and goals.
   
   
   Conclusion

   This fall, take control of your mortgage before rates shift again. Whether you renew to stay stable or refinance to save money, the key is to compare options early. RateShop helps you connect with Canada’s top lenders, so you can lock in the best rate, maximize savings, and enter 2026 financially stronger.