How far out can I switch or renew my mortgage before maturity?
September 29, 2026 | Posted by: Sherry Corbitt
A client asked: How early can you switch or change mortgage before your renewal date?
This is a great question! You don’t have to wait until your actual renewal date to start looking at your options but if you break your mortgage before the maturity date, then you will face a penalty. I generally recommend we start reviewing your mortgage about 5 months before your renewal date sothat when we hit the 4 month (120 days) we are prepared to shop and secure best rates and options. . This gives us time to look at what your current lender is offering, compare it to other lenders, and decide whether staying or switching makes the most sense.
Some lenders will allow us to hold a rate for up to 120 days (BMO allows 130 days!), so starting early can also help protect you if rates increase.
You can change lenders even earlier than that, but depending on your mortgage, there could be a penalty for breaking your existing term early. That doesn’t automatically mean we shouldn’t do it—we just need to calculate the penalty versus the potential savings.
The priority to remember is that time is your friend. - if you are within 1 month of your renewal date you are very unlikely able to close on time so lets talk early and see your options before you run out of time and have limited options. The earlier we look at it, the more options we have.
Your Mortgage Broker for Life,
Sherry Corbitt
905.995.3143
