Start several months before your term ends rather than waiting for the final notice. That gives you time to review your lender's offer, gather mortgage details, ask about other terms and understand how a change could affect your payment.

For mortgages from federally regulated banks, the Financial Consumer Agency of Canada explains that a renewal statement must generally be provided at least 21 days before the end of the existing term. You do not need to wait for that statement to start comparing options. Requirements for other lenders may differ.

A useful starting point is your latest mortgage statement or agreement. Note the maturity date, current balance, remaining amortization, payment frequency and whether the mortgage is registered as a standard or collateral charge.

Gather your detailsCheck your maturity date, balance and current mortgage terms.

Compare the full costLook beyond the advertised rate and monthly payment.

Plan for what's nextChoose terms that fit your expected plans and flexibility needs.

Compare these points side by side:

A lower monthly payment achieved by lengthening amortization can increase the total interest you pay. Ask for comparisons using consistent assumptions so you can see the trade-off clearly.

Switching means the new lender must review and approve the mortgage under its criteria. An application, property information and supporting documents may be required even if you have made every payment to your existing lender on time.

Some straightforward lender switches receive different regulatory treatment from a new mortgage application. For example, Canada's banking regulator, OSFI, no longer prescribes its minimum qualifying rate for a qualifying uninsured straight switch between federally regulated lenders when neither the loan amount nor remaining contractual amortization increases. That does not guarantee approval: lenders still assess the borrower and transaction. Read OSFI's explanation of uninsured straight switches.

A switch may carry legal, discharge, title registration, administration or appraisal costs. Ask which costs apply and whether a lender is offering to cover any of them. If you have a collateral-charge mortgage or additional products secured against your home, clarify what must happen before the lender can be changed.

Your upcoming plans can change what is suitable. If you intend to sell your Saskatoon home during the next term, examine portability provisions and possible prepayment charges. If your income may allow extra payments, ask about the annual prepayment privilege and how it works under the proposed contract.

If your goal is to borrow additional funds for renovations or debt consolidation, that is not necessarily a simple renewal or straight switch. Increasing the loan amount may involve mortgage refinancing, new qualification and additional costs. Keep these two decisions separate when comparing offers.

Prepare for a conversation

How Tim Bernes can help you prepare for a renewal conversation

Tim Bernes identifies mortgage renewals as part of his work with Saskatoon homeowners. You can discuss your current offer, the details to obtain from your lender, and how rate type, flexibility and future plans could affect the decision. The final loan terms and approval remain subject to the lender's review.

To make the conversation productive, have the renewal or maturity date, estimated outstanding balance, offered rate, remaining amortization and any expected change in household circumstances available. You can also review mortgage options and use the site's calculators for preliminary payment comparisons; estimates are not lender quotes.