What Happens at the End of Your Mortgage Term? | Canadian Homeowners Guide
What Happens at the End of Your Mortgage Term? | Canadian Homeowners Guide You’ve been faithfully paying your mortgage for years, and suddenly it hits you: the end of your mortgage term is coming. Cue the dramatic music. But don’t panic—this is not the apocalypse. Here’s what happens and how you can turn it into a financial win. Let’s keep your top mortgage desires in mind: Financial Security – Know your options to protect your home and your wallet. Flexibility & Control – Make choices that fit your life, not just your lender’s rules. Maximizing Value – Save money and potentially negotiate better terms. Option 1: Renew Your Mortgage The most common outcome is renewal . Your lender will typically reach out 3–4 months before your term ends with an offer. You can accept the renewal rate and term. Or negotiate a better rate. Pro tip: a lower rate can save thousands over the life of your mortgage. If rates are high, some homeowners consider variable or shor...