Top 5 Mortgage Renewal Strategies in Ontario to Save Thousands
Your mortgage renewal might not sound exciting—but it’s one of the most important opportunities to save money and improve your financial position.
In Ontario, nearly 60% of homeowners just sign the lender’s renewal offer without asking questions. And that often means leaving thousands of dollars on the table.
In this blog, we’ll break down how to approach your mortgage renewal like a smart homeowner. Whether you’re months away from renewal or it’s sitting in your inbox now, here’s how to make the most of it.
1. Don’t Automatically Accept Your Lender’s First Offer
When your mortgage term is coming up for renewal, your current lender will usually send you a renewal offer in the mail or email. But here’s the catch: these offers often include rates that are higher than what’s available elsewhere.
Many lenders count on the fact that people are busy and won’t shop around. But you’re not locked in. You’re allowed to explore all your options—and switching could save you thousands over the next 5 years.
Tip: Start reviewing renewal options at least 120 days before your term ends. This gives you enough time to compare and switch if needed.
2. Re-Evaluate Your Mortgage Goals
Renewal time isn’t just about rates. It’s a chance to check in with where you are financially and what’s changed since you first signed your mortgage.
Ask yourself:
- Do I want to increase my monthly payments to pay it off faster?
- Do I need to lower my payments to free up cash flow?
- Am I planning to move, refinance, or invest soon?
Your answers will help determine whether you should go for a fixed or variable rate, a short or long term, or restructure your amortization.
At Anton Mortgage, we walk clients through these scenarios with side-by-side comparisons—so it’s not guesswork.
3. Shop Around with a Mortgage Broker
One of the smartest moves you can make at renewal is working with a broker who can access more than just one lender. Unlike banks, which only offer their own products, brokers compare multiple lenders to find the best rate and terms for your updated financial situation.
Brokers can also:
- Negotiate better terms with your existing lender
- Help structure renewals for self-employed or non-traditional income borrowers
- Explain the fine print (prepayment options, penalties, etc.)
At Anton Mortgage, we have access to over 60 lenders, which means we can often find better deals even if your bank says you already have their best rate.
4. Take Advantage of Prepayment Privileges
Many mortgage products include the ability to make lump-sum payments or increase monthly payments—without penalty. If you’ve had a salary bump, paid off debt, or received a bonus, this is your chance to make a dent in your mortgage principal.
Even a few thousand dollars now can shorten your amortization and reduce the total interest paid over the life of the loan.
Strategy: Apply even a portion of your tax return, work bonus, or side income toward your mortgage balance during renewal to make your money work harder.
5. Refinance Strategically (But Only If It Makes Sense)
Renewal is also a natural time to consider refinancing—especially if:
- You want to consolidate high-interest debt (like credit cards)
- You need cash for a major renovation
- You’re planning to invest in another property
But refinancing isn’t for everyone. It often comes with legal fees and resets your amortization. A broker can help you crunch the numbers and decide if it’s really worth it—or if you’re better off staying the course.
Mortgage Renewal Doesn’t Have to Be a Missed Opportunity
Too many Ontario homeowners see mortgage renewal as just paperwork. But with the right approach, it can be a moment to optimize, restructure, and save.
At Anton Mortgage, we treat renewals as an opportunity—not a formality. We help you understand your options clearly, negotiate better terms, and align your mortgage with where you’re headed.
If your mortgage is up for renewal in the next 6 months—or even sooner—reach out to us.