ON Canada - normally after 5 years, your 40 years becomes 35 years on renewal. You may not re-apply for a 40 year mortization as this is no longer offered by the lenders. If your issues is to reduce payments, you may want to look at other debts, consolidate them with the mortgage and get a lower debt payment per month. That way, your overall financial consideration would improve.

ON Canada, this is possible especially when your credit was higher than when you first bought the house to what you have now. You may want to get the help of a mortgage broker/agent to see other alternative lenders suited for your condition. Email me at victor_catalan@centum.ca and we can review your options.