Mortgage Renewal Disclosure Statements in Ontario: What Lenders Must Tell You

Most Ontario homeowners renew their mortgage several times over the life of a home loan without ever switching lenders or refinancing — the term simply comes up, and the mortgage rolls into a new one. Before that happens, lenders are generally required to send a mortgage renewal disclosure statement setting out the key terms of what's coming next. Knowing what this document is, what it should contain, and what to do with it puts you in a much stronger position than simply signing and moving on.

What a Renewal Disclosure Statement Is For

A renewal disclosure statement exists to give you advance information about your mortgage's new terms before the current term expires, so you have a real opportunity to review, compare, negotiate, or decide to move your mortgage elsewhere instead of automatically rolling over. It's a notice obligation, not a negotiation — the lender is telling you what it's offering, not asking your permission for the mortgage to continue on some terms.

The exact disclosure requirements that apply depend on the type of lender involved (a bank, credit union, or private lender) and the specific federal or provincial rules that govern it. Confirm what applies to your specific mortgage rather than assuming a single universal rule covers every lender.

What It Typically Sets Out

While the precise format varies by lender, a renewal disclosure statement generally identifies:

• The outstanding principal balance as of the renewal date
• The proposed new interest rate and rate type (fixed or variable)
• The proposed new term length
• The revised payment amount and payment frequency
• The maturity date of the new term
• Any other proposed changes to the mortgage's conditions

It is meant to give you enough information to evaluate the offer on its own, and to compare it against what other lenders might offer if you chose to move your mortgage elsewhere at renewal.

When You Should Receive It

Lenders are generally expected to provide renewal disclosure with meaningful advance notice before your current term matures — enough time, in principle, to actually shop around, negotiate, or arrange alternative financing if you're not satisfied with what's offered. The specific advance notice period depends on your lender and the rules that apply to it; check your original mortgage commitment or ask your lender directly for the timeline that applies to you, rather than assuming a fixed number of days.

What to Do When It Arrives

1. Read it closely against your current terms. Compare the proposed rate, term, and payment against what you're paying now, and note anything that looks different from what you expected.
2. Don't assume the first offer is the best offer. Renewal rates offered automatically are not always a lender's most competitive rate — many lenders expect some negotiation, particularly if you're a reliable payer with equity in the property.
3. Shop the market before you decide. Because switching lenders at renewal generally doesn't require the same closing process as a purchase, it's often one of the easiest times to move your mortgage if another lender offers meaningfully better terms.
4. Decide with enough runway left. Whether you renew with your existing lender, negotiate a better rate, or switch entirely, each option needs enough time before maturity to actually complete — leaving it to the last few days narrows your options.
5. Get help if anything is unclear. If the disclosure statement references terms, fees, or conditions you don't fully understand, ask your lender to clarify in writing, or have a lawyer review it before you sign.

If You Don't Receive One

If your mortgage is approaching its maturity date and you haven't received a renewal disclosure statement, don't assume the mortgage will simply continue unchanged without one. Contact your lender directly to ask about your renewal terms and timeline. Keeping track of your own maturity date — rather than relying entirely on the lender to reach out — is good practice regardless of what's legally required, since a missed or late renewal notice can leave you with less time to shop around or negotiate.

Frequently asked questions