Renewing your mortgage in B.C.

Our guide to mortgage renewals

Let’s talk renewals

Have questions about your mortgage renewal? We've got the answers you need here at Silverman Mortgage Group.

While renewing your mortgage is usually a simple process, it also gives you the opportunity to negotiate a lower interest rate, better terms or to consolidate your debts. Here's the answers to the most frequently-asked questions B.C. homeowners have about mortgage renewal:

Mortgage Renewal Guide

  • When should I receive my renewal offer from my current lender?

    While each lender has their own renewal process, you can typically expect to hear from your current mortgage lender anywhere from 4-6 months before your current mortgage term is up. By law, your lender must send you a written renewal notice a minimum of 21 days in advance of your renewal date.

  • When should I start the mortgage renewal process?

    When it comes to renewing your mortgage, starting early makes good financial sense. You don't have to wait to hear from your current lender before searching for a new mortgage.


    At Silverman Mortgage, we can lock in the lowest available interest rates up to 120 days, or 4 months, before your maturity date. Ultimately, the sooner you begin to plan the better.

  • What costs are associated with renewing my mortgage?

    Straightforward mortgage renewals don't involve any costs to you, the borrower. If you want to alter the terms of your existing mortgage, some costs such as legal fees or appraisal fees may apply. Our mortgage experts will outline any costs in advance so you'll know exactly what to expect.

  • Won't my mortgage auto-renew?

    Yes, but letting your mortgage renew on it's own can be costly.


    Many lenders will simply auto-renew mortgages into a 6-month closed term mortgage, and that means you'll have to pay hefty penalties to break the mortgage. 


    Ignoring your renewal also means you forfeit your chance to renew at a better interest rate, and over time that can dramatically increase the cost of your home.

  • Why should I renew through a mortgage broker instead of my lender?

    Unlike lenders, mortgage brokers have access to a wide range of lending products and the lowest available interest rates. Here at Silverman Mortgage, we work hard to connect you with the best mortgage product for your particular situation, while banks oftentimes work to sell you the financial products that are most profitable for their shareholders.

  • Do I need to re-qualify for my mortgage when renewing?

    If you're switching to a different mortgage lender, you'll need to complete a new mortgage application. As long as you've kept up with your current mortgage payments, you should have no problem renewing your mortgage.

  • What's the difference between mortgage renewal and mortgage refinancing?

    While these two terms sound similar, they're not the same thing.


    Renewing your mortgage means that you'll continue to pay off your current mortgage balance under new terms that you negotiate at the end of your current term. These new terms can include a lower interest rate, higher payments or a different payment schedule. No changes to your mortgage amount or amortization are permitted.


    Refinancing your mortgage means that you start a new mortgage altogether. This can allow you to access equity in your home for use towards consumer debts, to pay for a renovation project, or for use towards an investment property.

  • What happens If my renewal doesn't close in time?

    If you're cutting it close to your renewal date, don't panic. We'll simply let your current lender know you want to renew into an open term mortgage. This means you won't be locked in, your mortgage remains in good standing, and you'll make interest-only payments until your new mortgage is in place.

  • What else should I consider when my mortgage is up for renewal?

    Think about what your ideal mortgage looks like. You might want to lower your mortgage payments to increase your cash flow, use your mortgage to consolidate consumer debt from credit cards, or access some of the equity you've built up in your home by raising your mortgage.


    Make a list of your mortgage 'wants' and give us a call here at Silverman Mortgage. We'll work with you to secure the mortgage renewal terms that fit your financial goals.

Jordan de Brouwer

"I had a great experience with them. I was a first time home buyer and didn't know much about the mortgage application experience. They made the whole process very easy and stress free and explained each step in detail. I would recommend them to anyone looking for a mortgage, especially first time home buyers."
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Leah Allen

"We purchased a second property and Silverman Mortgage Group made the process so easy and quick. I especially liked the personalized video presentation which made it possible for us to clearly understand the process. At a very busy time in our lives almost everything was completed in the comfort of our home."
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Reid Arkinstall

"My wife and I had a great experience working with the Silverman Mortgage Group. It took us a while to find the right home but Zach and his team worked with us throughout the entire process, ensuring we always had the most up-to-date mortgage information. We look forward to working with SMG in the future."
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