Your mortgage renewal offer can’t be delayed with your current lender. So, to ensure you have ample time to shop the market and negotiate a new deal, you’ll want at least a 4 to 6-month buffer period before your scheduled renewal date. Remember: your current lender will want you to stay with them. So, they won’t give you a lot of notice that your mortgage is coming up for renewal (it’s usually 2 to 3 months beforehand). You must be proactive in keeping up-to-date with your mortgage schedule, if you want to re-negotiate without penalties. If you worked with a good mortgage broker in your first term, they will likely reach out to you when it’s time to start looking at renewals. Transferring a mortgage to a new lender will still require an application process, and possible stress tests, just like when you first applied for a mortgage. So you’ll want to give yourself time to get this ‘homework’ done. You’ll need to prepare bank statements, plus proof of income, ownership and home insurance. You may also need to schedule an appraisal for your home. More importantly, when your mortgage broker has ample time to do their due diligence for you, you’ll know they’ve thoroughly shopped around on your behalf. You can rest at ease, knowing you got the best deal possible. Please see more on our website.