Mortgage renewal vs refinance
Ready to renew or refinance your mortgage? Find out which option is right for you and how to get started.
Renew over the phone in minutes if you already have a mortgage with us- Refinance your mortgage to borrow up to 80% of your home’s value
- Switch your mortgage for competitive rates and great service
Should you renew or refinance your mortgage?
Continue paying off your current mortgage with new terms.
Renew at any time over the phone close to the end of your current term
Pay off your mortgage faster by increasing your payments or payment frequency
Renew your mortgage over the phone.
Borrow more money using the equity in your home.
- Refinance at any time (or without penalty at the end of your term)
- Access the equity in your home
- Pay for renovations, repairs, investments or even another property
Let’s talk about your refinancing options.
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Decide whether you want to renew or refinance
Refinancing can help you pay for renovations and more
Your mortgage term is up in four months and you’re planning on renewing. You’re happy with your home and your mortgage, but lately you’ve been thinking of finally redoing the kitchen.
At the time of renewal, you could refinance your mortgage. That way you’d get a line of credit or lump sum loan that you could use to redo your kitchen and you’d repay this money as part of a new mortgage.
Mortgage refinancing and renewal F A Qs
When your current term ends you’ll either have to renew your current mortgage or pay off the remainder of your mortgage. We’ll send you a mortgage renewal notice before your current term ends, just pick up the phone and give us a call to renew.
Learn more about renewing your mortgage by exploring more helpful tips.
You can refinance your mortgage at any time, but it’s usually best to wait until your term ends to avoid any prepayment charges.
Choosing whether you should renew or refinance is up to you. You should renew if you want to continue paying your current mortgage and refinance if you want to borrow more money.
Increase Your Mortgage Payments
Depending on your mortgage, you can increase your mortgage payment once each calendar year by up to: 10% of the current mortgage payment amount for a BMO Smart Fixed Mortgage or 20% of the current mortgage payment amount for any other kind of closed mortgage.
Make a Lump Sum Payment
You can make lump-sum prepayments each year without a prepayment charge (minimum of $100), up to a maximum of: 10% of the original mortgage amount for a BMO Smart Fixed Mortgage or 20% of the original mortgage amount for any other kind of closed mortgage.
Helpful mortgage renewal and refinance resources
Mortgage renewal calculator
Get a sense of your mortgage payment at renewal and see how you can create long-term savings.
How to pay off your mortgage faster
Learn how to pay your mortgage faster with these flexible payment options.
Tips for your mortgage renewal
Learn how to get the most out of your next mortgage term.
Ready to get started?
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Talk to a mortgage expert
Schedule a time to talk about renewing your mortgage.
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