Mortgage renewal is going to be a big topic in 2026, because a large number of Canadians got mortgages in 2021 and those terms are coming up now. If you’re an Edmonton homeowner, this is a good year to be proactive instead of just signing the renewal offer your lender sends.
Here are three simple steps to make sure your mortgage renewal fits your plans and your budget. Keep reading or watch my video to learn more!
Understand What Your Lender Is Offering
Your lender will send you a renewal offer, usually with a rate, a term length, and a few options. That offer is a starting point, not a final answer.
At mortgage renewal, the “right” term depends on things like:
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How long you plan to keep the property
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Your job and income stability
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How much flexibility you want (prepayments, portability, and penalty risk)
If you might sell, move, or refinance in the near future, term length matters more than people think.
Check Whether A Refinance Could Improve Cash Flow
Mortgage renewal is also a good time to look at the rest of your debt picture.
If you’re carrying a substantial amount of higher-interest debt, such as:
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Credit card balances
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A line of credit balance
…it might make sense to refinance and roll that debt into the mortgage. The goal is usually to reduce interest costs and improve monthly cash flow.
The key is doing this with a plan so the consumer debt doesn’t build right back up again.
Compare Options Before You Sign the Mortgage Renewal
The third step is the simplest: compare your options before you commit. That can mean checking other lenders, looking at different terms, or adjusting the structure to match your goals.
A good mortgage renewal plan should answer two questions:
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What’s the best mortgage for you going forward?
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What gives you the right balance of rate, flexibility, and payment comfort?
Whether you are preparing to buy your first home or your fifth, if you’re looking to get pre-approved for a mortgage in Edmonton, fill out my online application. I’m here to help you every step of the way.
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’m trusted partner who will help you get the right mortgage for your home or investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.
