Try our mortgage calculator to see what borrowing more looks like, and read Renewing vs. refinancing: What's the difference? to fully understand your options.

2. Make a lump sum payment

When your mortgage is up for renewal, you have the option to make a lump sum principal payment.  Here are some of the benefits:

• Lower your monthly payments
• Reduce how much interest you pay
• Pay off your mortgage sooner

In fact, you have the option to make a principal lump sum payment every year, on the anniversary of your mortgage. You can pay up to 20% of the original borrowed amount with no penalty. 

Check out our mortgage calculator to see what you can save or how many years you can shave off your mortgage. Read Making a lump sum mortgage payment to get the full picture.

3. Adjust your payments

Another way to adapt your mortgage to any life changes, save money, or be mortgage-free sooner is to change the amount and frequency of your mortgage repayments. Your options include:

• Increase payments to pay off your mortgage sooner and save on interest
• Change your payment frequency, for example from monthly to bi-weekly
• Reduce your payments by extending your amortization to improve your cash flow

You can do this once a year on or after your mortgage anniversary, with no penalty.  

Check out our mortgage calculator to see what the difference changing your payments can make. Read Changing your mortgage payments to help you make an informed decision.

Other things for homeowners to consider

Schedule some reminders: Home ownership is a journey. Your mortgage anniversary will come around again before you know it, and so will your renewal date. We'll always send you an email in advance. In the meantime, why not add an annual "Become mortgage free sooner" reminder to your calendar so you remember to consider your options each year? 

Review your home insurance needs: As your life changes, so do your home insurance needs. There are benefits to managing your mortgage and home insurance in an integrated way. For example, you may want to cover a new kitchen, renovated basement or new work shop. Consider scheduling a chat with one of our insurance experts as your mortgage renewal date gets closer? 

Mortgage renewal time is a major milestone in everyone’s home ownership journey. We want to make sure you can make an informed decision about what to do next. You don't even have to wait for your mortgage term to finish. Renewing early can help you secure a lower interest rate with no penalty. Learn more about renewing and refinancing your mortgage here.  

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