Mortgage renewal in BC: five questions before you sign

Amir Fetanat · 2026-09-23

Your renewal is a chance to check whether your mortgage still fits your life. A quoted rate matters, but your plans for the property, cash flow and future borrowing deserve a place in the discussion too.

1. What could change during the next term?

Write down the changes you can reasonably see ahead. You may be planning to move, renovate, start a business or keep the property as a rental. Bring those plans to the conversation before selecting a term. A useful opening question is: “What would happen to this mortgage if my plans changed?”

2. Have you compared the renewal offer?

FCAC recommends starting your search a few months before your term ends. You can discuss the offer with your current lender and consider alternatives. Switching is subject to the new lender's approval, so a competing quote is a starting point for review rather than a completed arrangement.

3. What does flexibility mean in this contract?

Ask how additional payments work, when you can make them and what limits apply. Prepayment privileges differ between lenders. If you might sell, refinance or move the mortgage before the term ends, request an explanation of the potential penalty. An estimate is useful for planning, while a current written payout quote is needed for an actual transaction.

4. What would switching cost?

Ask about discharge, registration, transfer, appraisal and administration charges, and which costs a new lender will cover. If other borrowing is secured under the same charge, ask how that affects the change. Compare the full proposal, including fees and conditions, rather than relying only on a lower advertised rate.

5. What should you bring to a review?

• Your renewal offer and latest mortgage statement
• The renewal date and remaining amortization
• A list of other debts and secured credit lines
• A short summary of changes to income or property use
• Your preferred payment budget and plans for the property

Think of this as a discussion checklist, not a promise that every lender will request the same documents. Your circumstances and the proposed transaction determine the next steps.

Turn the questions into a plan

Use the mortgage renewal page to explore the process, or compare your own assumptions with the rate comparison calculator. For a review of your renewal and goals, contact Amir Fetanat.

Educational information only. Mortgage availability, pricing and terms depend on your circumstances and lender review.

Sources

Sources checked September 23, 2026: FCAC: Renewing your mortgage and FCAC: Prepayment penalties.