Normally you would have a 5-year fixed mortgage meaning you will renew in 5 years. Check your mortgage statement as it shows when it will be due for renewal. 3 months before the renewal you can start looking and check if there are other lenders who would give you a better rate or mortgage package.

Hello Lemuel, at the expiry date of any term you are free to choose a new term or a new lender. This decision will of course be based on what rates are available at the time of expiry. If you do not sign for a new term before your renewal date arrives most institutions will renew you on an open product of some sort. Beware some lenders may lock you in again especially if they do not have an open product in their mortgage options. Take this time to compare the different rate between lenders, this moment of renewal is the point you have the most power as a mortgage holder. Your current bank cannot keep you with them by threatening you with a penalty and most lenders will be happy to pay the cost of bringing the mortgage to them. My best suggestion is to get a rate quote from your current lender and take that quote to multiple banks to see who is the lowest. If you prefer a Mortgage Agent can do all the running around for you and approach multiple lenders for the best rate, the added bonus is a Mortgage Agent will have access to lenders that you may never even think of and those lenders most often have lower rates. Don`t be too concerned with having your mortgage at one of the big 5 banks because they do not offer any advantages over the smaller lenders and in the end your money is coming out of your account each month, make sure that you are paying as little as possible. Products and features are almost identical between the lenders, a Mortgage Agent can outline them clearly for you and you can make the decision. If you or any reader would like to know more please do not hesitate to contact me. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 www.centum.ca/abraham_niyazi/ I deal with 25 Lenders/Banks and can do mortgages across Canada except Quebec.