These guides cover the end of a mortgage term and the changes you may face before it: renewing with your lender or switching to another, moving with your mortgage, payments that go up, and what to do when payments get hard to make.
Renewing and switching
- How to renew your mortgage: the timeline, the renewal statement your lender sends, negotiating, and a checklist for renewal day
- Mortgage renewal calculator: your new payment at a new rate and remaining amortization
- How to refinance your mortgage
- How mortgage penalties are calculated
If the new rate raises your payment sharply, the payment shock guide shows by how much, and extending your amortization is one way to bring it back down. Leaving a mortgage before the term ends is a different decision, with a penalty: should you break your mortgage for a lower rate and the break-even guide in the refinancing hub cover it.
Moving with a mortgage
- Porting your mortgage: taking your rate and term to a new home, the timing window and borrowing more
- Moving to another province with a mortgage: port, break or buy first, and the costs that differ by province
When your payment changes or gets hard to make
- Missing a mortgage payment: what happens from the first missed payment on, and how to get back on track
- Foreclosure and power of sale
Planning ahead
- Your mortgage and retirement: paying it off before you retire or carrying it into retirement
More on day-to-day payments, prepaying and budgeting is in the mortgage payments hub, and on penalties, refinancing and home equity in the refinancing and home equity hub.
Browse All Mortgage Renewal, Switching and Changes During Your Term Articles
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