Mortgage renewal
Prepare for your mortgage renewal with the help of one of our experts and enjoy advantageous rates
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Why renew | How to renew | When to renew | Reduce costs | Advice
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:
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.
No new fees
You’ll avoid paying file opening, notary and appraisal fees when you renew your mortgage with us.
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.
How do I renew my mortgage?
Step 1: Review your situation
Take a step back to look at your full financial picture and upcoming projects.
Step 2: Reassess your needs
Find what works best for you by comparing your options. You can adjust the term, payment frequency and amortization period.
Step 3: We’re here for you
Our advisors are here to answer your questions and find the best solution for you.
Get your new personalized mortgage rate
Contact one of our experts to find a rate and term adapted to your needs.
Don’t have a mortgage with us?
Transfer your mortgage to National Bank with the help of one of our advisors.
Tip!
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.
When’s the best time to start?
Plan your renewal 6 months before the end of your term to take advantage of market rates.
If market rates are lower than what you’re currently paying, it’s usually better to renew early. Your new conditions will take effect starting with your next payment.
If market rates are higher than what you’re currently paying, it’s usually better to wait until the end of your current term before renewing.
For a renewal at the end of your term, the rate may fluctuate between the time you renew and the maturity date.
- If rates rise, your rate is protected.
- If rates fall, you can request a better rate before maturity.
Our advisors are here to guide you through the process.
How do I minimize the impact of my renewal on my budget?
Here’s what you can do to prepare for your mortgage renewal and
optimize your overall financial situation:
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Modify your spending habits to lower your expenses.
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If you can, increase your payments to pay off your mortgage faster and save on interest.
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Consider the possibility of refinancing your property to help restructure your debts.
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Keep your insurance to protect yourself from unexpected events.
Call us at 1-877-281-0144.
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.
More helpful articles:
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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
Ask us your questions
Make an appointment with one of our advisors for all your mortgage questions.
