Mortgage renewal

Prepare for your mortgage renewal with the help of one of our experts and enjoy advantageous rates

Make an appointment

or call us at 1-877-281-0144

Photo of a couple sitting on the floor with a laptop

Why should I renew my mortgage with National Bank?

Renewing your mortgage allows you to adjust the rate and term of your loan to adapt it to your needs. By choosing National Bank, you’ll be able to enjoy a wide array of benefits:

Picto of a form

Quick and easy

There’s no need to complete a financing application. We won’t ask you for proof of income, qualifications or consult your credit bureau.

Picto of two people and the National Bank logo

No new fees

You’ll avoid paying file opening, notary and appraisal fees when you renew your mortgage with us. 

Picto of a phone

100% remote 

Our advisors can complete the entire renewal process over the phone, so you can renew your mortgage from the comfort of your home.

Picto of a house


Are you reviewing the terms of your mortgage? This is a great opportunity to update your mortgage insurance so your payments are protected if the need should arise.

How do I renew my mortgage? 

Before renewing your mortgage, make sure to analyze your financial situation:

  • Create a financial statement  

Take stock of your finances and future projects before making any decisions.

  • Re-evaluate your mortgage needs 

It’s vital to consider factors such as the type of rate, payment frequency, payment amounts, term of your mortgage, etc., before making a decision.

Afterwards, our advisors are available to help answer your questions and provide you with personalized mortgage solutions.

See our step-by-step guide on how to renew your mortgage. 

Picto of a person with the National Bank logo

Get your new personalized mortgage rate

Contact one of our experts to find a rate and term adapted to your needs.

Picto of a house

Don’t have a mortgage with us? 

Transfer your mortgage to National Bank with the help of one of our advisors.

When’s the best time to start?

Start planning for your mortgage renewal around 6 months before the end of your term to enjoy advantageous market rates. You can choose between two options:

Renewing your mortgage early:

If the market rates are lower than what you’re currently paying, there’s no need to wait until your term ends before renewing. By choosing to renew early, your new and improved rate will take effect starting with your next payment.  

Renewing at the end of your current term:

If the market rates are higher than what you’re currently paying, you’re better off waiting until the end of your current term (6 months or less) before the new conditions take effect.

Please note that the rate offered at the time of your term renewal may fluctuate between the time you agree to renew and the expiry date of your current term. If that happens:

  • Your agreed-upon rate is guaranteed until the maturity date of your current term even if market rates rise.

  • If the market rates drop, you can take advantage and ask for a better rate before your current term expires.

Don’t hesitate to contact your advisor for more information.

How do I minimize the impact of my renewal on my budget?

More helpful tips

Should I choose a fixed or variable rate mortgage?

There are a lot of factors to consider when looking at rates. Learn about the differences between fixed and variable rate mortgages to choose the one that works best for you.

Read our article

More helpful articles:

12 min 32 sec

11 min 35 sec

Preparing for a mortgage renewal

With recent mortgage rates hikes, we should expect increases in monthly payments at upcoming renewals.  Simon Ledoux welcomes Matthieu Arseneau and Andrée Desrosiers to discuss the matter.


Picto of a letter and the at symbol

Stay in the loop

Subscribe to our newsletter for in-depth analysis and financial tips.

Picto of a letter and the at symbol

Stay in the loop

Subscribe to our newsletter for in-depth analysis and financial tips.

Explore other financing solutions

Frequently asked questions about mortgage renewals

You can calculate your payments by taking into account the balance amount to be renewed, the interest rate, and the remaining amortization.

Renewing your mortgage is when you renew your mortgage balance under new terms (rate, term, payment frequency), but the balance and amortization remain the same.

Refinancing is when you add additional financing to your balance and readjust all other conditions (rate, term, payment frequency, amortization).

Getting your project off on the right foot

Chat bubbles icon with a question mark and the National Bank logo

Ask us your questions

Make an appointment with one of our advisors for all your mortgage questions.

Picto of a phone

Call us

1 877 281-0144



Little details that matter

Hello everyone and welcome to this new edition of Property Perspective. Today, I have the great pleasure to be with Matthieu Arseneau  

Hi Matthieu  

Hi Simon 

and with Andrée Desrosiers.  

Hello Andrée  

Hello Simon 

Our topic today, the importance of preparing a budget way before your next mortgage renewal. But before we jump into that discussion, let's talk about the macroeconomic context influencing the real estate. 

So, question for you, Matthieu. We know that the Bank of Canada kept its key rate unchanged recently despite the high inflation. Do you think it was the right decision to make? 

Simon, a couple of weeks ago there was a concern, and investors were worried about another rate hike from the Bank of Canada because of the resilience of inflation. I think it was a good idea to hold rate. In fact, I'm still concerned about the rate hikes that already occurred during the summer and I don't think those were necessary given when we're looking at the economic situation at this point. What I show on this chart is the real policy rate.  

So, policy rate minus core inflation in different countries. It gives us an idea of the real cost of funds for borrowers and that's why they're important for the impact on the economy. And, as you can see on that chart in Canada, it's the most restrictive monetary policy among G7 countries at this point. So yes, a good idea to take a pause, especially that we didn't get the full impact yet of all those rate hikes that occurred over the past few quarters, in fact, even the first one that occurred in in Q 1/20/22, we didn't get the full impact on consumption. For example, it takes 8 quarters according to the Bank of Canada to get the full impact. 

What it means is there's 43% of those rates, the impact of those rate hikes, there's 43% left to get for the impact on consumer. So, and that's sizable. So that's the reason why taking a pause looking at the situation and there is concern in this context for bumpy rolls for consumers in the in the months ahead. 

So Matthieu, weakening economy, stagnation of GDP in the third quarter, what can we expect next?  

Yes, as you mentioned, stagnation in the last quarter there was a stagnation in Q2 as well, but it's perhaps more fragile than it appeared at first. Because OK stagnation - but this is occurring at a time where population is booming. So, a surge in population, when you look at real GDP per capita, just to adjust for this population boom, you can see that there's an impact on the economy of those rate hikes. Real GDP per capita is declining 2.4% over the past year and that's drop off this magnitude as only been observed during recession on basis in Canada. So that's already a big impact and as I mentioned, there's further impact to come.  

And when you look at confidence, it does not suggest a rebound of the economy in the months ahead.  

When you look at consumers' confidence at level that we saw during the pandemic or during the 2008, 2009 recession because of inflation, because of the payment shock, interest payment shock that Andrée will talk about in a few minutes. So that does not suggest that the consumer is very strong to support the economy at this point.  

And when we look at the confidence of small and medium enterprises, we can see that the level of confidence is low as well. So that does not suggest a hiring spree in the next few months.  

So, in such a context, we have a conservative scenario, potentially small contraction of the GDP in Q4 and Q1 in Canada given the current context.  

So, although the economy is halting as you just mentioned, Matthieu, the housing shortage continues. What are the conclusions of your latest report on that? On that front, because of the population boom that I just mentioned, there has been a rebound in activity in the resale market, home prices rebounded as well. So - but that led to deterioration in affordability in Q3 after some improvement in the prior quarters. 

Because on top of on price increase there has been significant increase in five-year mortgage rate as well. So Last data show, that it's the highest in 20 years on that front. So, and in such a context it's not surprising to see that resale market is moderating sharply given the rise in mortgage rate.  

So, over the past few months there, there has been a decline in activity perhaps households are looking at what the adoption on the rental market, but on that front it's not way better for affordability when you look at rent prices increasing at above 7% on a year over year basis that's the highest in 40 years. And it's very unusual to see rent in Canada rising faster than inflation as we are currently seeing.  

In fact, the spread is the highest in over the last five decades. So that's very, very unusual. Clearly there's a dwelling shortage in Canada and it's impacting the economy at this point.  

Thank you, Matthieu. A lot of uncertainty in the market. Thank you for setting the table for the discussion with Andrée and Andrée, given the economic context that we just saw 

and which is likely to prevail potentially in 2024-2025, what can owners expect when renewing their mortgage? 

A very good question, Simon. In fact, homeowners who will have to renew their mortgage in 2024 or 2025, the risk experiencing a significant increase in their payment. Let me give you an example. If you have a mortgage that when it's going to come to renewal, your balance is 250,000, your remaining amortization period is 20 years, and your actual rate is 3%. If you renew at a rate of 5%, your annual payment will increase by more than 3000 or 250 per month.  

If you renew at 6%, then the increase, the annual increase will be over 4750, which translates in almost $400 per month.  

So, as you can see this is a significant increase and I've been very conservative with my numbers because we know that many people have rates that are actually 2% and even lower than that.  

And I don't think you can find a mortgage right now, a 5-year mortgage at 5%, it's a lot more around 6.5%. So that's going to be a shock for many customers and this shock is not the only one that that we have in the last year, you know with inflation and all that, just look at the food, you know grocery and things like that. So, it's gonna be very sensitive for people in the months to come.  

Concerning what you just said, how can homeowners prepare for such increases?  

In fact, Simon, however your situation may have changed. OK, we have to return to basis and budget is one of the best financial tools to keep yourself on the right course. OK. It is important to review on a yearly basis your budget to make sure you are still financially stable and in control of your finances. And when you do the budget, you always have to look at your expenses, naturally. And you look at your mandatory expenses and your, what we call optional expenses.  

On the mandatory side, well, you have to eat, you have to have a place to stay, you've got to pay your taxes even though you don't like it. And on the optional side, you have all that we call, you know, the restaurant expenses, theatre, gifts that you may do on several occasions, even the second car, you know, maybe an optional expense.  

We never make these choices by pleasure, but they may be necessary. And if you do that exercise right away and that you make sure that you've got enough room to cover this increase in payment that we just said earlier, maybe, you know, around 500, even $600.00 per month, then when you will renew your mortgage, you will already have included this increase in your budget. So, you will then be in a much better place to meet your new financial requirements. So hard choices to make another day.  


Thank you very much for your great advice.  

My pleasure. 

So, after listening to Matthieu and Andrée, I strongly suggest that all homeowners with a mortgage renewal coming in next years should as soon as possible spend some time updating their budget. I'm convinced that in doing so you might avoid stress and potentially bad surprises at renewal time. 

So, thank you very much for being with us today and join us again for our next Property Perspective in the coming weeks.