Free tool · Canada · 3 minutes

Mortgage renew, switch, or refinance decision tree

Five short questions about where your mortgage stands and what you need it to do. Each answer ends at the guide that covers that path, with the FCAC rule behind it. This tool recommends nothing: it only points at the right reading.

One rule shapes every branch below. If your mortgage is with a federally regulated lender, such as a bank, the lender must give you a renewal statement at least 21 days before the end of your term, listing the balance, the interest rate, the payment frequency, the term, and any charges or fees, and stating that the offered rate will not increase until your renewal date. FCAC also says to start shopping around a few months before the end of your term, and not to wait until the renewal letter arrives. Twenty-one days is the legal floor, not a shopping plan.