Can I renew my mortgage after losing my job?

This is one of the most important pieces of practical mortgage advice most homeowners never receive. The federal Bank Act obligates chartered banks to renew existing mortgages at term end unless the borrower has defaulted — regardless of current employment status.

Negotiate the renewal rate as aggressively as you would in normal circumstances. The bank cannot use your job loss as leverage on rate — they'd have to disclose that they're aware of it, and most retention agents are working from files that don't include current employment status.