When should I start my mortgage renewal process?
Start your renewal process 120-180 days before your current term expires to maximize your strategic options.
Key Points
Rate Hold Mechanics Lenders typically offer 120-day rate guarantees with ability to benefit from rate decreases during hold period
Qualifying Rate Formula When the test applies, it uses the higher of contract rate + 2.0% or the 5.25% floor
Primary sources
Primary sources cited by the Ratellow Research Team. Editorial standards · Correction policy
Related Questions
How does the stress test affect my 2026 renewal options?
Same-lender renewals and uninsured straight switches (OSFI, November 21, 2024) are exempt from the prescribed MQR. A refinance, an insured switch, or any increase in loan amount still requires the stress test — greater of 5.25% or contract + 2%.
What's the difference between insured and uninsured mortgage renewals?
Insured mortgages face stricter CMHC/Sagen constraints while uninsured mortgages enjoy flexible OSFI-only guidelines.
Should I consider switching lenders or negotiate with my current lender?
Your switching decision hinges on rate differential versus requalification risk, with break-even analysis determining optimal strategy.
How do CMHC insurance rules affect my 2026 renewal?
If your mortgage is CMHC-insured (less than 20% down payment originally), you're limited to 25-year maximum amortization at renewal.