RenewalReady

Work backward from one date

Your mortgage renewal timeline

Rate holds typically open 90–120 days out. Federal rules put the renewal statement at least 21 days before term end.

Your renewal timeline

Use the date, not the letter

  1. Rate-hold window opens

    Ask lenders about a rate hold. Typical windows are 90–120 days.

  2. Shop and negotiate

    Compare the renewal offer, ask for a better rate, and price a straight switch.

  3. Renewal statement due

    Your lender must send renewal terms by 2027-02-08 (federal rule, 21 days).

  4. Renewal date

    Confirm the rate, payment, amortization, privileges, and effective date in writing.

Educational estimate, not financial or mortgage advice. Confirm figures with your lender or a licensed mortgage professional.

Month-by-month negotiation checklist

  1. 120 days before: Ask your lender and alternatives when their rate-hold windows open. Typical holds run 90–120 days.
  2. 90 days before: Gather your statement, confirm the remaining amortization, and compare an eligible straight switch.
  3. 60 days before: Negotiate the offered rate and compare prepayment privileges, payment options, and penalty language.
  4. 21 days before: Your federally regulated lender must provide the prescribed renewal information by this point.
  5. Renewal day: Confirm the final agreement and first-payment date. Keep the signed terms with your mortgage records.

The 21-day requirement comes from SOR/2021-181 s.45(2). A rate hold is a lender policy, not a universal statutory entitlement.

Financial Consumer Protection Framework Regulations, ss.43–46 · Ratehub renewal rate-hold guide (2025) · nesto rate-hold corroboration (2026-04-07)

Want the full picture in one guide instead of a calculator? Read the step-by-step renewal process. Holding a variable rate? Check your trigger rate too.