A guide for homeowners in Orillia, Barrie, Innisfil, and across Simcoe County

Renewing your mortgage might not seem as exciting as buying your first home, but it’s one of the most critical moments in your financial journey. It can either help you save thousands or cost you more than necessary over the next term. If you’re living in Simcoe County and your mortgage is coming up for renewal, this guide is for you.

At The Mortgage Coach Greater Simcoe, we’re all about real advice, no fluff and helping our clients make confident, informed decisions about their home financing. Let’s break it down, step by step.

Step 1: Know When Your Mortgage Is Up for Renewal

Most fixed-rate mortgages in Canada have a term of 1 to 5 years, but your amortization (the time it takes to pay off your entire loan) is typically much longer. At the end of each term, you’ll need to renew your mortgage for the remaining balance.

When Should You Start Preparing?

Mortgage lenders in Ontario typically send renewal notices about 30 days before your term ends, but that’s too late if you want to explore your options. Instead:

• Start 3 to 4 months ahead of your renewal date.
• This gives you time to shop around, compare rates, and work with a mortgage broker in Orillia or Simcoe County for tailored advice.

Step 2: Reassess Your Current Situation

Don’t just sign your lender’s renewal offer without thinking. Your financial and personal life may have undergone significant changes since the start of your last term.

Ask Yourself These Questions:

If you’re unsure how your situation affects your options, that’s where a Simcoe County mortgage expert like our team comes in.

Step 3: Understand Your Renewal Options

Here’s the good news: most homeowners automatically qualify to renew with their current lender, assuming payments have been made on time. But that doesn’t mean you should stay put.

3 Common Renewal Paths

• Renew with the Same Lender easily, but often not at the best rate.
• Switching to a New Lender can offer better terms, but may require requalification.
• Refinancing is beneficial if you want to tap into your home equity, consolidate debt, or adjust your mortgage amortization.

Fixed vs. Variable at Renewal

Interest rates fluctuate. It’s smart to speak with a mortgage broker in Orillia who can advise you on whether to lock into a fixed rate or opt for a variable rate, based on market conditions and your risk tolerance.

Step 4: Compare Rates (Don’t Just Accept the First Offer)

Lenders are banking on your convenience. They know many people won’t question a renewal letter. However, even minor rate differences, such as 0.25%, can result in thousands of dollars in costs over time.

Example

If you renew a $400,000 mortgage over 5 years with:

• 5.4% interest: your monthly payment is about $2,430
• 5.1% interest: your monthly payment drops to about $2,360
  
  

That’s $4,200 in savings over 5 years just by shopping around.

Tip

Ask for rate comparisons from a mortgage team, not a bank. At TMC Greater Simcoe, we work with dozens of lenders to find what suits you, not just the lender.

Step 5: Don’t Let Bruised Credit Stop You

If you’ve missed payments, changed jobs, or have high debt, you might assume that you’re stuck with your current lender. Not necessarily.

What You Can Do

• Work with a mortgage agent in Simcoe County who understands how to navigate credit scenarios with bruised credit.
• Provide documents early (T4s, NOAs, credit report).
• Be transparent about income changes, especially if you’re self-employed or freelance.
  
  

Some lenders specialize in alternative solutions. The key is acting early.