How early can I renew my mortgage in Canada?
Most Canadian lenders let you renew or lock a new rate up to 120 days before your term ends, with no penalty. If you're switching lenders, start the application 90–120 days out — the new lender will hold the rate that long while paperwork and legal work complete.
Rate holds vary by lender: TD, RBC, and BMO typically offer 120-day holds; monoline lenders (MCAP, First National, Strive) usually offer 90–120 days. If rates fall during the hold, most lenders will drop your held rate to the new lower rate — always ask.
If you renew early with your existing lender before the 120-day window, they may treat it as breaking the mortgage and charge a penalty. Wait until you're inside 120 days, or plan to switch lenders (no penalty at any time within the hold window).
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Jay Klair, Mortgage Agent Level 2 (M09000869) — Real Mortgage Associates, FSRA #10464, part of the DLGC Group of Companies · 5675 Whittle Rd, Suite 100, Mississauga, ON L4Z 3P8