Mortgage Renewal Time: What You Need to Know (and How to Make It Work for You)

If you've got a mortgage, renewal time is kind of like a financial New Year’s resolution. It's that once-every-few years moment where you get to hit "refresh" on one of your biggest investments. Whether you’re a first-timer or a mortgage veteran, there are some important things to keep in mind — and a few golden opportunities you won’t want to miss.

Here at Prosperity Credit Union, we know mortgage renewals might not be as exciting as a new truck or a long weekend at the lake, but trust us, a little time spent reviewing your options could save you thousands. And who wouldn’t want a little extra cash for a new boat or a backyard upgrade?

Don’t Auto-Pilot Your Renewal

When your mortgage renewal notice arrives, it might be tempting to sign on the dotted line and call it a day. Taking a bit of time to review your options can lead to a better rate — and that means more money in your pocket.

Tip: Start the renewal process 4-6 months before your current term ends. This gives you time to shop around and negotiate the best rate. And yes, we’re here to help with that!

Take Stock of Your Financial Goals

Life moves fast in rural Saskatchewan. Maybe your family’s grown, the roof’s seen better days, or your kitchen could use a facelift. Your mortgage renewal is a prime time to reassess your financial goals and explore ways your home equity can work for you.

Opportunities at renewal time:

Consolidate Debt: Tired of juggling high interest credit card balances? You might be able to roll that high-interest debt into your mortgage at a lower rate.
Renovate or Repair: Got your eye on a new kitchen or a much-needed home upgrade? Using your home equity can be a smart, affordable way to fund those improvements.
Shorten (or Lengthen) Your Term: Want to be mortgage-free sooner? Consider a shorter amortization period. Need to free up cash flow? Stretching out your payments might give you some breathing room.

Rates Matter — But So Do Terms

A low rate is great, but it isn’t everything. Pay attention to the fine print: prepayment privileges, penalties, and flexibility can make a big difference if life throws you a curveball.

Example: If you get a bonus at work or sell a prize-winning steer, you’ll want the option to pay down your mortgage faster without penalties. Make sure your new mortgage has the flexibility you need.

Switch or Stay?

Sticking with your current lender is convenient, but it pays to explore your options. Moving your mortgage to another financial institution might unlock better rates or terms. And yes, switching is easier than you think (we’ll handle the paperwork).

At Prosperity Credit Union, we take the time to understand your needs. We’ll walk you through the options and help you decide whether staying put or making a move is right for you.

Ask Questions (That’s What We’re Here For!)

No question is too small — or too big. Whether you’re curious about variable vs. fixed rates, wondering how to access your home equity, or just want to know if you can still pay off your mortgage early, we’re here to help.

Ready to Renew?

When your renewal notice arrives, don’t just sign and send it back. Let’s talk. Together, we’ll find the right solution to fit your life today — and your dreams for tomorrow.

Stop by any Prosperity Credit Union branch across rural Saskatchewan or give us a call—we’ll make your mortgage renewal easy, straightforward, and free of surprises.