Your mortgage renewal is a decision that can shape your finances for years to come. Here's what to consider as you prepare for renewal.
For many Ontario homeowners, mortgage renewal looks different today than it did a few years ago. Interest rates are higher than the historic lows seen during the pandemic, and Ontarians are facing increased financial pressures with the rising costs of groceries, gas, and other everyday expenses.
At the same time, millions of homeowners across Canada are approaching renewal after locking in mortgages during that low rate period – making this one of the most active renewal cycles in years. If your mortgage is coming up for renewal, you’re not alone.
While today’s economic environment may feel unfamiliar, a mortgage renewal doesn’t have to be overwhelming. In fact, it’s an opportunity to pause, review your options, and make sure your mortgage continues to support your life today – and the plans you’re building for the future.
Here’s what to consider as you prepare for your renewal.
1. Don’t assume your current mortgage is still the best fit
Since you last signed your mortgage, a lot may have changed in your life. Whether you’ve grown your family, changed careers, or adjusted your financial goals or priorities, your household income and monthly expenses – and the way you think about money – may be very different than five years ago.
Anytime your life circumstances change, it’s important to review your financial plan, and that includes your mortgage. Automatically renewing your existing mortgage without reviewing alternatives could mean missing out on better features, improved flexibility or cost savings.
Some questions to discuss with your advisor include:
- Does your current payment still feel comfortable?
- Are you focused on stability, flexibility, or paying down your mortgage faster?
- Are there upcoming life changes you should plan for?
2. Understand your rate, term, and feature options
Interest rates often get the spotlight at renewal, but the right choice depends on more than just today’s headlines. There’s no universal “best” option for everyone – only what works best right now for your comfort level, cash flow and goals.
- Fixed rate mortgages provide predictable payments and stability, which many homeowners value when budgeting.
- Variable rate mortgages can offer flexibility and potential savings over time, depending on how rates move. It’s also important to review the features built into your mortgage – especially flexibility.
Having the right options can save you money and reduce stress if your circumstances change. This matters even more if you plan to renovate or make lump‑sum payments, or if you think there’s a possibility you may need to move before your term ends.
Also be sure to consider your mortgage term, which can range from one to five years or more. The right choice depends on how much certainty or flexibility you want.
.svg){kind=icon}
Anytime your life circumstances change, it’s important to review your financial plan, and that includes your mortgage.
3. Think about your amortization and payment structure
Renewal can also be a good time to revisit how your mortgage payments are structured – not just how long it will take to pay off your mortgage, but how often and how aggressively you want to make payments.
Depending on your goals and budget, you might choose to shorten your amortization to reduce the amount of interest you pay over time, extend it slightly to create more breathing room in your monthly budget, or keep things steady and focus on payment consistency.
You can also review your payment frequency, which can have a meaningful impact over time:
- Switching to accelerated bi-weekly or accelerated weekly payments can help you pay down your mortgage faster and reduce interest.
- Choosing monthly or standard bi-weekly payments may offer more flexibility if your budget feels tighter or your income fluctuates. The right payment schedule is the one that fits your cash flow today while still supporting your longer term goals. Small adjustments at renewal – whether to amortization, frequency, or payment amount – can add up to meaningful progress over the life of your mortgage.
4. Consider switching to take advantage of cash-back offers
Some homeowners assume switching mortgage providers at renewal will be difficult or costly. In reality, mortgage renewals can be a good opportunity to improve your financial position.
Switching may allow you to secure better terms, improved service, or additional benefits like cash back on eligible mortgages. Cash back can help with home improvements, offset everyday expenses, or creating a bit of additional breathing room in your budget.
- For a limited time, you can get up to $4,500 cash back when you switch your mortgage to Kawartha Financial Services.
Limited time offer!
With a Kawartha mortgage, you could receive up to $4,500 cash back to spend, along with personalized support from a dedicated lending specialist who'll guide you every step of the way.
5. Meet with your financial advisor
Perhaps the most important part of renewing your mortgage is the conversation. A renewal shouldn’t be just a rate discussion; it should be a review of your full financial picture.
Your advisor should take the time to understand:
- Your current circumstances,
- Your short and long-term goals, and
- Your risk comfort level.
This relationship‑based approach ensures your mortgage isn’t just competitive today, but supportive of your financial priorities today and in the future.
Renew your mortgage with confidence
Your mortgage renewal is a decision that can shape your finances for years to come. Taking time to explore your options, review features, and ask the right questions can make a real difference.
If your mortgage is coming up for renewal, now is a great time to connect with a Kawartha Financial Services Representative. Learn more about your options, including cash back on eligible mortgages, and see how the right mortgage can support your next chapter.
.svg){kind=icon}
Not ready to talk yet? Run the numbers first.
See what your mortgage could look like with Kawartha – no login, no pressure, takes 2 minutes.
.svg){kind=icon}
Don't auto-renew. Talk to us first.
It takes 60 seconds to book a call. A Financial Services Representative will reach out within one business day.
Effective January 1, 2026, Kawartha Credit Union Limited will amalgamate with Libro Credit Union Limited.
On this date, Kawartha Credit Union Limited will begin operating as Kawartha Financial Services, a division of Libro Credit Union Limited.
On this date, Kawartha Credit Union Limited will begin operating as Kawartha Financial Services, a division of Libro Credit Union Limited.