Mortgage renewal
Customize your mortgage term to fit your changing life – and even pay down your mortgage faster with accelerated payment options – by renewing your mortgage. Explore your options and renew over the phone in minutes.
Why renew your mortgage with us?
It’s easy
If you already have a mortgage with us you can renew over the phone in minutes. Call us at 1-877-594-0082
Become mortgage-free faster
Increase your monthly payments by up to 20% or by making a lump sum payment of up to 20% of your mortgage
How to renew your mortgage
Know when your term ends
You should start considering your renewal options a few months before your current term ends.
Consider your payment options
Life changes quickly. Maybe you’re now paid monthly instead of bi-weekly, or you got a raise. You can customize your renewal options to fit your changing life.
Renew in minutes
Once you’ve considered your options, give us a call to renew your mortgage in minutes or make an appointment at your preferred branch.
Mortgage renewal calculator
Get a quick estimate of your mortgage payment at renewal. See how prepayment options can create long-term savings, too.
Get your personalized mortgage renewal rate
Talk to an expert today to get your personalized mortgage renewal rates.
Don't have a mortgage with us?
Talk to an expert about switching your mortgage today.
Mortgage renewal tips
Renewing your mortgage is a great opportunity to tailor your mortgage to fit your changing life. Here are some helpful tips to make the most of your renewal.
Start early: Start looking at your renewal options six months before your term ends.
Customize your term: Change your term length, payment frequency, and rate options.
Consider refinancing: Access the equity in your home to pay for renovations, unexpected repairs or other expenses.
To further prepare for your renewal, explore more mortgage renewal tips.
Mortgage renewal FAQs
You can renew your mortgage anytime near the end of your term. If you’re planning to renew with BMO, you can do so as early as 180 days before the end of your term without penalty. If you want to renew earlier, then you’ll have to pay a prepayment fee. To learn more about preparing for your renewal, explore some of our helpful mortgage renewal tips.
If you already have a mortgage with us, just give us a call at 1-877-594-0082 to renew your mortgage over the phone within minutes. You may also be able to renew your mortgage online by signing in to BMO Online Banking. Remember, it’s best to start planning for your renewal a few months before your current term ends.
You can renew your mortgage online through the BMO mobile app or by signing in to BMO Online Banking. Follow along with our demo to learn how you can quickly and conveniently renew your mortgage in the app.
When your term is up, you can choose to switch your mortgage to a different lender at renewal. If you’d like to switch your mortgage to BMO, visit our switch page to get more information about what we can offer and how to get started. Depending on your unique situation, you may also qualify for one of our special mortgage offers.
Choosing whether you should renew or refinance depends on your unique situation and what you have planned for the future. If you're interested in finding out which option is right for you, connect with a mortgage expert today to talk about your options.
Helpful mortgage renewal resources
Mortgage renewal calculator
Get a sense of your mortgage payment at renewal and see how you can create long-term savings.
How to pay off your mortgage faster
Learn how to pay your mortgage faster with these flexible payment options.
Tips for your mortgage renewal
Learn how to get the most out of your next mortgage term.
Get in touch to learn more or get started
Visit us
Book an appointment at your nearest branch to chat about your mortgage options.
Talk to an expert
Let’s chat about your mortgage options. One of our Mortgage Specialists will even come to you!
Get answers, fast
Our new online support tool is the quickest way to get answers to your questions.
Give us a call if you have any questions or if you're ready to get started. 1-877-594-0082