You can typically renew your mortgage as early as 120 days (about 4 months) before the end of your current mortgage term without penalty. Some lenders may even allow early renewal up to 180 days (6 months) before the term expires. This early renewal option is designed to give borrowers time to shop around for better rates or negotiate with their current lender. Renewing early can be beneficial if interest rates are expected to rise, allowing you to lock in a lower rate in advance. However, you should always review and negotiate your mortgage terms as lenders' initial offers are often not the best available. It is also possible to switch lenders during renewal, often without the need to requalify strictly if conditions are met. In summary:
- Most lenders allow early renewal up to 120 days before maturity.
- Some lenders allow up to 180 days prior to maturity.
- Early renewal lets you secure rates and terms ahead of maturity.
- Always shop around and negotiate to ensure the best deal.
- Renewing early can help avoid increased rates if interest rates are rising.
These details come from multiple Canadian sources including lenders' policies and mortgage advisory sites as of 2024 and 2025.
