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This guidance is for Canadian homeowners. Financial Consumer Agency of Canada (FCAC) expectations described here apply to federally regulated financial institutions (FRFIs); provincial rules, contracts and lender practices can differ.
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Act before the renewal date
Contact the lender and explain the shortfall
Call as soon as you can forecast a problem, rather than waiting for the renewal statement or the first missed payment. Tell the lender:
- the current term’s end date;
- the proposed or expected new payment;
- the payment your household can actually sustain;
- when the shortfall will begin; and
- any income loss, illness, job change or other event affecting affordability.
Ask for the mortgage-servicing or financial-hardship team and request an individualized review. FCAC’s plain-language instruction is: “Contact your financial institution to discuss your options.” FCAC mortgage relief options. A missed payment without an agreed arrangement can trigger default procedures and legal recovery rights.
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Build a complete housing budget
Calculate the payment you can maintain over time, not merely the amount needed for the next due date. Include property taxes, home insurance, utilities, condominium fees, repairs and maintenance, food, transportation, other debt payments and likely income changes. Ontario’s financial regulator similarly advises consumers to count the full cost of owning a home, not just principal and interest. FSRA’s mortgage-shopping guidance.
Request a written proposal
For every option, ask the lender to state the new payment, due date and frequency, interest rate and whether it is fixed or variable, effective date, outstanding balance, revised amortization and total dollar cost over the mortgage. Do not consent while you have only a verbal estimate. FCAC expects FRFIs to disclose the effects of relief clearly and before the borrower agrees.
Understand the renewal timetable and shop around
Check the renewal statement
For a mortgage with an FRFI, the renewal statement must arrive at least 21 days before the current term ends. If the lender will not renew, it must also give at least 21 days’ notice. The statement identifies the remaining principal, offered rate, payment frequency, term, applicable fees and whether automatic renewal may occur. Use those figures to check the lender’s calculation and begin negotiations.
Seek competing offers early
Contact other lenders or a licensed mortgage broker a few months before expiry when possible. Ask the current lender to improve its offer and use written competing offers in that conversation. A different lender must still approve your application and may apply different income, credit, property or debt-service criteria.
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A same-amount transfer can involve costs that make a seemingly lower rate more expensive:
| Potential switching cost or issue | Why it matters |
|---|---|
| Discharge, registration, transfer or assignment fees | These one-time charges reduce the benefit of a lower rate. |
| Appraisal, legal or notary and administration fees | The new lender may require property valuation and new documentation. |
| Collateral-charge complications | A collateral charge may also secure other borrowing that must be repaid or transferred. |
| Insurance premiums | Insurance costs could apply if the balance increases or amortization is extended. |
| Approval risk | The new lender can decline the application even if the existing lender offers renewal. |
Compare the complete cost, not just the advertised rate. FCAC explains renewal and switching considerations at Renewing your mortgage.
Relief options the lender may consider
Negotiate the renewal rate or terms
Ask the existing lender whether it can improve the offered rate, change the term or otherwise adjust the agreement. For an at-risk borrower renewing with an FRFI, FCAC expects the institution not to offer a less advantageous rate simply because the borrower cannot adjust the current agreement or qualify with another lender. This is a regulatory expectation within that scope, not a guarantee of a particular rate.
Extend the amortization
Spreading principal repayment over more years lowers the scheduled payment. It also keeps the balance outstanding longer and can add tens of thousands of dollars to lifetime interest, depending on the balance, rate and extension. Ask for the total interest and final payoff date under the proposed schedule.
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FCAC expects the shortest appropriate extension and a reasonable-timeframe plan to restore the original amortization. Ask whether you can make extra payments later, and confirm how those payments affect the balance and schedule.
Use a payment deferral or temporary arrangement
A deferral postpones payments for a specified period, usually up to four months. The postponed amount is not forgiven: it can increase the balance, later payments or amortization. The lender may offer other temporary measures with different terms. Confirm the start and end dates, how interest is calculated, and the payment immediately after the relief ends. Details are described in FCAC’s relief-options guidance.
Consider blend-and-extend or early renewal
Some contracts allow a new term before the current term expires, using a blended rate and extending the term. Ask whether a penalty, administration fee or other charge applies. Compare the full new term and total interest, not only the first payment, and verify whether the arrangement changes prepayment privileges.
Check existing mortgage features and insurance
Your contract may include a skip-a-payment feature or allow you to re-borrow a prior prepayment. Optional creditor insurance may cover an eligible job loss, critical illness or disability, subject to definitions, waiting periods, limits and exclusions. Confirm eligibility and the effect on principal before relying on any feature.
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Be cautious with a HELOC
A home equity line of credit uses the property as security and usually carries a variable rate. Drawing on it to make mortgage payments is additional borrowing, not debt forgiveness. FCAC warns that the lender may reduce the limit or demand repayment, leaving the home at risk. Use this route only after understanding the variable-rate exposure, required payments and what happens if the limit is changed.
Ask about fees and credit reporting in a relief agreement
For an FRFI working with an at-risk borrower, FCAC guidance contemplates, in specified circumstances, waiving a prepayment penalty for a lump sum used to avoid negative amortization or for a sale of the principal residence, waiving certain internal fees for a limited period, and avoiding interest on interest for a limited period when relief causes negative amortization. If a missed payment is part of an agreed relief arrangement, FCAC expects it not to be reported to credit bureaus as a late payment or delinquency. These expectations have defined conditions; obtain the lender’s written confirmation of exactly what applies to your account.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Compare each proposal on the same basis
Put the lender’s figures side by side before choosing. A lower payment can conceal a much larger balance or a longer repayment period.
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| Comparison question | What to record |
|---|---|
| Payment now | Amount, frequency, first due date and any initial promotional period. |
| Payment after temporary relief | The exact payment when a deferral, reduced-payment period or other concession ends. |
| Rate exposure | Fixed or variable rate, term length, reset dates and what could change the payment. |
| Total cost | Total interest, fees and balance at the end of the term and at final payoff. |
| Amortization | New payoff date, extension length and whether there is a credible restoration plan. |
| One-time charges | Discharge, registration, appraisal, legal, administration, collateral-charge and insurance costs. |
| Contract and reporting | Prepayment rights, written approval, treatment of agreed missed payments and credit-bureau reporting. |
| Whole-house affordability | Whether the household can cover taxes, insurance, utilities, fees, maintenance and other debts as well as the mortgage. |
Ask the lender to show the balance and payment under both the proposed relief and a no-relief scenario. If a broker is involved, request the same written assumptions from each lender so the comparison is meaningful.
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Put the payment shock in context
A Bank of Canada staff analytical note published in 2025 estimated that five-year fixed-rate mortgages renewing in 2026 could experience an average payment increase of 20% compared with payments in December 2024. The estimate is for a borrower group, not an individual forecast. The same analysis estimated that 10% of borrowers renewing in 2026 with variable-rate, fixed-payment mortgages could see an increase above 40%, while one quarter could see a decline of at least 7%. Mortgage type, original rate, balance, payment design and renewal date can produce a very different result for your household. Read the Bank of Canada staff analytical note 2025-21.
Use your own renewal statement and budget to calculate the change. Treat national averages as context only; they cannot establish what your lender must offer or what you personally can afford.
If no option produces a sustainable payment
Escalate the review before default
Keep a dated record of calls, names, offers, documents and deadlines. Ask what information the lender needs to complete its hardship assessment and when you will receive a decision. If an agreement is reached, obtain the complete terms, including how and when payments resume, before allowing any payment to be skipped.
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When the budget cannot support any realistic arrangement, selling may be safer than waiting for arrears and enforcement. Ask the lender about the mortgage contract, discharge amount, prepayment penalty, timing and any shortfall if the sale proceeds do not cover the debt. Obtain advice specific to your province on legal, tax, moving and housing consequences. FCAC expects banks to communicate relevant considerations and, in specified circumstances, to consider waiving a prepayment penalty for a principal-residence sale by an at-risk borrower.
Get qualified, situation-specific help
A licensed mortgage professional can help compare renewal and switching offers, while a reputable nonprofit credit counsellor may help when mortgage trouble is part of broader debt or cash-flow hardship. These professionals cannot guarantee approval or a particular relief program. Verify fees, licensing, conflicts and the exact scope of any advice before signing.
Know the limits of the guidance
FCAC consumer guidance and its Guideline on Existing Consumer Mortgage Loans in Exceptional Circumstances apply to federally regulated institutions and defined circumstances. A provincial credit union, private lender or other institution may follow different rules. Your mortgage contract controls features such as deferrals, blend-and-extend, prepayments, collateral charges and insurance. Ask the lender which terms govern your account and seek independent legal or tax advice where the consequences are significant.
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