Self-Employed Mortgage Renewal
At renewal, you are free to shop different lenders for a better rate, stronger terms, and lower your monthly payments without penalty. With the right strategy & proper guidance, you can be in control of your mortgage renewal, not the Banks.
- Access Better Interest Rates
- Lower Your Monthly Payments
- Realign Your Mortgage With Your Current Financial Goals
Self-Employed Mortgage Renewal in Canada
A mortgage renewal is an important milestone in your mortgage journey and it is ofter overlooked.
It’s the point when your current mortgage term ends with your lender and you become a “free agent,” giving you the freedom to shop around for a mortgage new lender, negotiate better rates, or explore options like consolidating debt—without penalties for breaking your mortgage early.
For many homeowners, especially self-employed business owners, a mortgage renewal is a valuable opportunity to improve terms, lower monthly payments, access equity, or better align your mortgage with your current financial goals.
Taking the time to review your options at renewal can make a substantial difference to your long-term costs and overall financial flexibility.
💡 Did you know?
Did you know your mortgage renewal window is your best opportunity to consolidate debts & shop for a lower rate.
What Happens When My Mortgage Is Up For Renewal?
When you first get your self-employed mortgage, you will typically sign up for a term that is between 1-5 years in length.
When you are nearing the end of the term that you first signed up for, in most cases, your current mortgage lender will reach out to you directly by phone and/or email with a mortgage renewal offer for the next term of your mortgage. This usually happens around 1-6 months before your maturity/ renewal date.
This is the time when you should start planning & exploring options that are available to you for the next term of your mortgage.
What Options Do I Have At My Mortgage Renewal
Many Canadian business owners are unaware of the options they have when their mortgage comes up for renewal.
Listed below are some of the most common options business owners have when their mortgage is up for renewal:
- Renew with current lender
- Switch to a new lender
- Shop for a better interest rate & terms
- Consolidate personal & business debts
- Lower montly payments
- Increase cashflow
Do you have questions?
Let’s chat.
Do I Need To Requalify For My Mortgage Renewal
This is a very common question for self-employed business owners approaching their mortgage renewal date.
In many cases, you do not need to re-qualify for your mortgage if you renew with your existing lender, as long as you are not looking to access additional funds/ increase your mortgage amount or amortization, your mortgage payments have been made on time, your credit remains in good shape, and the lender is willing to offer you another term.
That said, mortgage renewal policies can vary widely between lenders, especially for self-employed borrowers.
That’s why it’s always smart to be proactive and start reviewing your options early — this gives you time to compare lenders, explore better terms, and stay in control of the mortgage renewal process.
When Would I Need To Requalify For My Mortgage At Renewal
This is another common question business owners have when their mortgage is coming up for renewal.
Typically, if you’re planning to access equity from your home to pay out debts, lower payments by extending your amortization, or plan on switching to a new lender for better rates or terms, you will usually need to re-qualify for the mortgage.
For self-employed borrowers, this means your current or new lender will review income, credit, and overall financial strength.
Starting the mortgage renewal conversation early helps ensure you have time to structure your income properly, sort out potential mortgage renewal issues early, and choose the lender that best fits your situation for the next term of your mortgage.
💡 Did you know?
Did you know that there is typically no cost to the borrower when switching your mortgage to a new lender at renewal
Will My Current Lender Offer Me The Best Rates For My Mortgage Renewal
Sometimes, but not always.
While your current lender will typically offer a renewal rate for convenience, it isn’t always the most competitive — especially for self-employed borrowers.
Many lenders assume business owners will renew their mortgage without questioning their renewal offer, even though better rates, stronger terms, or more flexible options may be available.
In many cases, we are also able to help negotiate a better renewal rate with your existing lender during the renewal process, and we can also help confirm whether switching to a new lender makes more sense for the next term of your mortgage.
Taking the time to review your options ensures your mortgage renewal is based on what’s best for you, not just what’s easiest for the bank.
Why Work With a Self-Employed Mortgage Renewal Specialist
- Focused on self-employed mortgages
- Understanding of Self-Employed Programs
- Access to Lenders That Support Self-Employed Borrowers
- Faster, Smoother Mortgage Approvals
Benefits of a Mortgage Renewal
1. Access Better Rates
Your mortgage renewal window gives you the opportunity to shop lenders or renegotiate with your current lender to secure a lower interest rate, better terms and potentially reduce overall interest costs, without penalty.
2. Lower Monthly Payments
By securing a better rate or restructuring your mortgage during the renewal process, many homeowners are able to reduce their monthly payments and improve cash flow.
3. Consolidate Higher-Interest Debt
Rolling higher-interest debts into your mortgage can simplify finances and lower overall monthly obligations.
4. Align Your Mortgage With Current Goals
Whether you’re growing your business, planning for investments, or prioritizing stability, a renewal lets you realign your mortgage strategy with where you are today, not where you were years ago.
Self-Employed Mortgage Renewal Done the Right Way
A mortgage renewal is an important opportunity to improve your overall mortgage strategy.
It allows you to shop for better rates, negotiate stronger terms, and potentially lower your monthly payments — all without penalty.
For self-employed homeowners, a renewal can also be the right time to realign your mortgage with current income, cash flow, and financial goals, ensuring your mortgage continues to work for you, not against you.
Do you have questions?
Let’s chat.
Understanding the Renewal Process
A self-employed mortgage renewal starts with a short discovery phone call to understand your goals and income structure.
From there, you are able to complete a secure online mortgage application and upload the required documents for review.
Once the right lender and program are selected, your mortgage application is submitted for approval.
After we have received your mortgage approval, a lawyer is typically instructed to handle the closing process, and once documents are signed, your mortgage renewal is completed.
The Mortgage Renewal Process
>> Mortgage Renewal Step-by-Step Guide
Step #1 – Discovery Phone Call
The discovery phone call is a simple first step in the mortgage renewal process, designed to make sure we’re aligned from the start and working toward the right outcome for you.
This complimentary 10–15 minute conversation gives us time to review your current mortgage, discuss your plans moving forward, and explore the renewal options available to you.
We’ll walk through the pros and cons of each option and outline which lenders or strategies may be the best fit — so you can move forward with clarity and confidence.
Step #2 – Online Application
After the discovery call, you can complete the mortgage application in the way that works best for you. We can go through it together over the phone, or you can complete a secure online application at a time that works best with your schedule.
Apply Now >>
Step #3 – Documents
When it comes to a self-employed mortgage renewal, lenders base their decision on what can be clearly documented. Verified information is key, and lenders can’t rely on estimates or assumptions when reviewing your file.
That’s why a well-planned renewal starts with gathering and reviewing the right documents early. Preparing everything upfront allows the renewal or switch to be structured accurately, reduces delays, and helps avoid last-minute surprises — keeping the process smooth and on track as your renewal approaches.
Step #4 - Approval
Once your mortgage renewal application and supporting documents are submitted, the lender will review everything to ensure it meets their guidelines.
If any clarification or additional information is needed, we take care of it quickly to keep the process moving.
Once the review is complete, the lender issues your mortgage renewal approval — confirming your new rate & term, allowing you to move forward with confidence.
Step #5 - Wait........ and more waiting.......
Now that your mortgage application & documents have been reviewed and accepted by your new lender, we can now sit back and wait for your renewal date.
While we wait, I will keep you updated on any potential rates decreases as we approach your renewal date to ensure that you get the best rate possible.
Step #6 - Closing Meeting
About 30 days before your mortgage renewal date, your new lender’s closing team will contact your current lender to request a mortgage discharge statement.
This document informs your current lender that you will be switching to a new lender at renewal & confirms the key details of your existing mortgage.
Once the discharge statement has been received by your new lender, the closing team prepares the final renewal documents and contacts you to schedule a convenient in-home signing appointment.
This signing typically takes place anywhere from two weeks to one day before your renewal date.
It’s important to be available during that time window to ensure your renewal is completed smoothly and on time.
Step #6 - Complete.
Congratulations!
You have just renewed your mortgage with a new lender.
💡 Did you know?
Did you know you may be able to reduce future mortgage penalties by selecting the right mortgage lender, term & product at renewal?
Self-Employed Mortgage Renewal Case Study
Client Details:
A self-employed business owner operating an incorporated company, with dividend income and tax write-offs.
They had an existing mortgage coming up for renewal with a major bank within the next 60 days and were looking for help renewing their mortgage properly.
❌ Problem:
As renewal approached, the client was concerned about being forced into a higher rate or restrictive terms.
They also wanted to explore lowering their monthly payments, but were unsure if they would need to fully re-qualify — and they were worried their self-employed income would limit their renewal options.
Their current lender provided a standard mortgage renewal offer that wasn’t competitive and also offered no guidance to assist the clients.
✅ Solution:
The client reached out to us and we reviewed the client’s mortgage application, income, credit, and existing mortgage details.
By structuring the file properly and positioning their income correctly, we were able to get them a better renewal rate & terms with a new lender at no cost to the clients.
The result was a lower rate, improved mortgage flexibility, and lower monthly payments.
Common Mortgage Renewal Mistakes
Many self-employed Canadians make common mortgage renewal mistakes which can create larger problems for them in the future.
Common mistakes include:
Waiting until the last minute to review options
- Not properly planning for the next term of their mortgage
- Automatically accepting current lender’s first rate offer
- Not aligning the mortgage with current goals
Most future mortgage problems are avoidable with early planning and proper guidance during your mortgage renewal.
How Long Does The Mortgage Renewal Process Takes
A well-prepared self-employed mortgage renewal can often be completed in a few weeks, however we always encourage clients to start the process ~90-120 days before your mortgage renewal date.
More complex renewal applications may take longer.
Starting early provides time to:
Review multiple options
Address documentation gaps
Avoid rushed decisions
Maintain negotiating leverage
Other Self-Employed Mortgage Services
Pre-Approval | First Time Home Buyer | Refinance | Renewal | Bad Credit | Debt Consolidation Loan | Rental Investment Mortgage | Equity take Out
Self Employed Mortgage Renewal - FAQ
Will I need to re-qualify for my mortgage at renewal?
In many cases, lenders do not require you to re-qualify for your mortgage at renewal.
If you’re simply renewing into a new term without making changes to your mortgage, made all of your mortgage payments ontime and you have great credit, it’s common for a lender to offer a renewal option without re-qualification.
That said, every lender has their own renewal policies and procedures, so requirements can vary.
Do I need to stay with my current lender at renewal?
No, you are not required to stay with your current lender at renewal.
When your mortgage term ends, you become a “free agent,” giving you the ability to shop around for the best rate and terms for your next mortgage term.
The renewal window is often the ideal time to switch lenders if you’re looking for better rates, stronger terms, or added flexibility — all without penalty.
Can you help get me a better rate with my current lender at renewal?
Often, yes — we’re able to help secure a lower renewal rate with your current lender than you may have been able to secure on your own.
By leveraging established lender relationships, in-depth knowledge of the renewal process, and up-to-date market insights, we can work to negotiate the best possible rate and terms for your mortgage renewal.
How much does it cost to renew my mortgage?
In most cases, there are no fees or penalties to renew your mortgage or even to switch lenders at renewal.
That said, every lender has different guidelines and policies, and costs can vary depending on your situation and the type of mortgage.
Reviewing your options in advance allows you to confirm any potential fees and to make an informed decision with no surprises.
When should I start the mortgage renewal process?
We recommend starting to review your mortgage renewal options and goals about 60–90 days before your renewal date.
This gives us time to review your current lender’s renewal offer, compare other mortgage options if available, and ensure there is plenty of time to complete the renewal process smoothly and on schedule.
💡 Did you know?
Did you know only ~15% of Canadians shop around for better options during the mortgage renewal window?
Get Self-Employed Mortgage Advice Today
Book a call
Feel free to book a call at a time that works best with your busy schedule
owen@mortgageconnection.ca
Send us a message via email
(403) 968-8512
Feel free to give us a call
Do you have questions?
Let's chat.