As a local real estate professional here in Calgary, I’m often asked:
“Is it worth renegotiating my mortgage terms?”
My answer: Absolutely—yes.
Here’s what you should know to make the most of your mortgage renewal.
🔁 What Is a Mortgage Renewal?
A mortgage renewal occurs when the term of your current mortgage ends, and you must either renew with your existing lender or switch to a new one. While your amortization schedule (total length of time to pay off the loan) stays the same, the interest rate, term, payment frequency, and conditions can all be renegotiated.
📌 Why Calgary Homeowners Should Pay Attention
Too often, homeowners simply sign their lender’s renewal offer and move on. But this “set-it-and-forget-it” approach can cost you thousands in unnecessary interest payments over time.
Especially in Calgary, where real estate prices and interest rates are experiencing dynamic shifts, it’s essential to ensure your mortgage fits your financial goals—not just the bank’s bottom line.
🔍 What to Do Before Your Mortgage Renews
You can begin the renewal process as early as 120 days before your term ends. Here’s a step-by-step guide:
1. Review Your Financial Situation
Ask yourself:
- Has your income changed?
- Are you planning to move, renovate, or refinance?
- Do you want to increase (or reduce) your monthly payments?
- Your mortgage should reflect your current lifestyle and future goals.
A higher credit score opens the door to lower rates and better terms. Consider improving your score ahead of renewal to maximize your options.
3. Compare Rates from Multiple Lenders
Don’t assume your current lender offers the best deal. Talk to:
- Mortgage brokers (they compare multiple lenders on your behalf)
- Credit unions (they often offer competitive rates and flexibility)
- Big banks (they may offer loyalty incentives—but not always the lowest rate)
4. Understand the Fine Print
Look at:
Prepayment privileges
Penalties for early payout
Portability (if you’re moving homes soon)
Choosing a mortgage isn’t just about rate—it’s about flexibility and long-term fit.
📊 Calgary’s Mortgage Market in 2025
In 2025, we’re seeing:
- Stabilized interest rates after rapid hikes in 2022–2023
- Increased refinancing as homeowners take advantage of equity growth
- More lender competition, giving borrowers better negotiating power
❌ Common Renewal Mistakes to Avoid
- Waiting Too Long: Start early—at least 3–4 months before your term ends.
- Focusing Only on the Interest Rate: Consider the total cost of borrowing, including fees, penalties, and flexibility.
- Not Asking for a Better Rate: Lenders expect you to negotiate. Don’t leave money on the table.
- Failing to Seek Advice: A 10-minute conversation with a broker or real estate professional can save you thousands.
🤝 How I Can Help as a Calgary Real Estate Expert
As a licensed real estate agent in Calgary, I don’t just help clients buy or sell homes—I’m here for the long-term journey. That includes:
- Referring you to trusted mortgage brokers and specialists
- Reviewing your home equity situation
- Helping you plan for future upgrades, moves, or investment properties
- Offering insights on local market trends that impact your decisions
Your mortgage renewal is more than a formality—it’s a chance to optimize your largest financial asset.
✅ Final Thoughts
If your mortgage is coming up for renewal in the next 6 months, take the time to:
- Review your options
- Ask questions
- Negotiate better terms
📩 Let’s connect:
If you’re unsure where to start, I’d be happy to connect you with mortgage professionals I trust and help you assess where your real estate plans fit in. Whether you're staying put, moving up, or looking to invest, your mortgage should work for you—not the other way around.
Jenna Drummond
jenna@jennadrummond.com