Phone: (416-398-2464 |Dominion Lending Centres Bedrock Financial Group FSRA Lic. 12275 – Address:  1935 Leslie Street. Toronto, Ontario. M3B 2M3.  Each office is independantly owned and operated.


There are some key distinctions between renewing your mortgage and refinancing. If your mortgage is up for renewal or if you are considering refinancing your current mortgage, it’s important to understand the difference!


Mortgages are amortized over a period of time (e.g. 20 years) with the terms and conditions negotiated in a series of terms (e.g. 5 Year Closed Fixed). At the end of each term, the mortgage can be fully paid off or, if offered, the mortgage may be renewed for a new term.

What to consider

As your renewal date approaches, give some consideration to any adjustments in your financial situation or priorities. Renewal is a great time to make changes to the type of mortgage you have or the amount and frequency of your payments. For example:

  • Has your tolerance for interest rate fluctuation changed over the years? If so, a fixed rate mortgage may work more effectively for you.
  • Would you enjoy taking advantage of flexible payment options that let you make prepayments, increase the frequency of your payments or plan for a payment vacation from your mortgage payments?
  • Would you want to use your home equity to pay for repairs, renovations, tuition or a well-deserved vacation? If so, consider the refinancing option below.


Once you start building equity in your home, you may have the option of borrowing more money. Opting to refinance your mortgage on your maturity date may result in no prepayment charges. You should discuss your needs with a Lendmore Specialist.

What to think about

Refinancing can be an effective financial strategy particularly if you have plans to use the incremental money in beneficial ways. For example:

  • Consolidate higher-interest debts into one manageable payment with a more affordable interest rate by paying off those debts with the mortgage proceeds.
  • Add to the value of your home by making improvements or tackling a renovation project.
  • Take advantage of lower interest rates, if the cost of prepaying your current mortgage will be outweighed by the savings from lower interest rates.

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