What is a mortgage renewal in Canada?

A mortgage renewal occurs when your current mortgage term ends and you sign a new agreement with your lender, either at a new rate or updated terms.

Can I switch my mortgage lender at renewal?

Yes, you can switch lenders at renewal without paying a penalty. Many homeowners switch to get better interest rates and save money.

Is it better to renew or switch mortgage lenders?

Switching lenders can often provide lower interest rates and better terms, but renewing with your current lender may be easier depending on your financial situation.

Do I need to requalify when switching mortgages?

Yes, when switching lenders, you typically need to requalify based on income, credit score, and financial situation.

Does Khan Mortgages help with mortgage renewal and switching across Canada?

Yes, Khan Mortgages assists clients across Canada with mortgage renewals and switching to help them secure better rates and mortgage terms.

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Smart Mortgage Renewals and Switches: Save More Today

Don't just sign your bank's renewal letter. At Khan Mortgages, we specialize in Mortgage Renewals and Switches that help Mississauga homeowners secure lower interest rates and better terms before their current term expires.

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Professional Guidance for Your Next Mortgage Term

Your upcoming mortgage maturity is the perfect opportunity to re-evaluate your financial goals. Whether you are considering Mortgage Renewals and Switches to lower your monthly payments or simply want to explore better terms, Khan Mortgages provides the expertise needed to navigate the Mississauga market. Most homeowners don’t realize that they can move their mortgage to a new lender often at no cost to capture the best mortgage rates in Mississauga.

According to the Canada Mortgage and Housing Corporation (CMHC), proactive planning can save you thousands in interest over the life of your loan. From First Mortgages to specialized Private Mortgage or Second Mortgage renewals, we compare dozens of lenders to ensure you aren’t leaving money on the table. Contact Khan Mortgages today to schedule your free consultation and secure the best mortgage rates in Mississauga for your renewal.

Private Mortgage

Looking for a loan or a mortgage when you have a bad credit score or a bankruptcy in your name can be highly frustrating. Helping you get the Private Mortgage you need.

Bad or Poor Credit

Do you have bad or poor credit and are trying to get a mortgage but it's proven to difficult? We might be able to help. We have options to help those with bad credit get the mortgage they need.

Home Equity Line of Credit (HELOC)

A HELOC can be a great way to access needed money for those important things that come up in life. Helping you get the Home Equity Line of Credit you need.

Self-Employed Mortgages

We work with lenders from all across Canada that offer excellent mortgage options for self-employed Canadians like yourself. Helping you get the Self-Employed Mortgage you need.

Mortgage Renewals and Switches Mississauga

Why Choose Khan Mortgages for Your Renewal?

Market Comparison: We shop over 30+ lenders so you don’t have to settle for your bank’s “posted” rate.
Switch for Free: In many cases, we can help you switch lenders at renewal with no appraisal or legal fees.
Lock-In Rates Early: We can hold a renewal rate for you up to 120 days before your current term ends.
Flexible Solutions: Expert handling of First, Second, and Private Mortgages to fit any credit or income situation.

How does it work?
How do I get started?

At Khan Mortgage, we’ve simplified the mortgage process to make it as easy and seamless as possible. Our network of experienced mortgage professionals will guide you through every step of the way.

1. Find an Agent or Broker

Find the expert you want to collaborate with.

2. Apply Safely Online

Approximately 5 minutes is all you need.

3. Get Your Funding Fast

When all goes according to plan, funding is swift!

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frequently asked questions

Find answers to your most pressing mortgage questions in our Frequently Asked Questions section.

What is the difference between a mortgage renewal and a mortgage switch?

A renewal happens when you stay with your current lender under new terms. A mortgage switch (or transfer) involves moving your existing balance to a new lender to take advantage of better rates or features. At Khan Mortgages, we analyze both options to see which saves you more.

When should I start looking at my renewal options?

You should start at least 120 days before your maturity date. This gives you enough time to lock in the best mortgage rates in Mississauga and prevents you from being forced into an automatic renewal at a higher rate.

Are there fees for switching my mortgage to a new lender?

If you switch at the time of renewal, many lenders will cover the costs of the appraisal and legal fees to win your business. Khan Mortgages specializes in finding these “no-fee” switch opportunities for our clients.

Can I switch my mortgage if I have a second mortgage or private mortgage?

Yes, but it requires specialized handling. We can help you consolidate a Second Mortgage back into a First Mortgage during your renewal or find a new Private Mortgage lender with more competitive terms. Contact Khan Mortgages today to find out exactly how much you can save.

How to Switch Your Mortgage Lenders at Renewal This video explains the critical differences between renewing and switching your mortgage, helping you understand how to protect your equity and avoid higher payments during the 2026 renewal cycle.