If your mortgage is coming up for renewal in Alberta, start comparing options a few months before your term ends. Ask your current lender for a written offer, then compare it with alternatives using the same mortgage balance and remaining amortization. Look at the payment, term, flexibility and switching costs together. The Financial Consumer Agency of Canada (FCAC) recommends shopping around before the renewal letter arrives.
1. Confirm your maturity date and remaining balance
Find your maturity date on your latest mortgage statement or ask your lender to confirm it. Request the estimated balance on that date and your remaining amortization, which is the time left to repay the mortgage on its current schedule. Keep those figures handy when requesting quotes.
If you have a home equity line of credit, ask whether it is secured under the same registration as your mortgage. FCAC notes that other borrowing secured under a collateral charge may need to be transferred or repaid to remove that charge. Knowing how your mortgage is registered gives you time to ask the right questions.
2. Compare payments on the same basis
Put each offer into a simple table with the balance, remaining amortization, payment frequency, rate, term and estimated payment. Ask for a comparable quote if one lender shows a monthly payment and another shows an accelerated biweekly payment.
Check how much room the payment leaves in your actual budget. For a homeowner in Lethbridge, that might mean setting aside money for property taxes, winter utilities and a furnace replacement before deciding how much extra to put toward the mortgage. If an offer lowers your payment by stretching out repayment, ask how the change affects your total interest and payoff date.
3. Pick a term that fits your plans
Think about what might change during the next term. You may be considering a move to a larger home, a job change or a renovation. If a move is possible, ask what it would cost to end the mortgage early and whether the mortgage can be moved to another property. Request the portability conditions in writing, including any deadlines and whether the new property and loan would require approval.
If you expect to put bonuses or other savings toward the mortgage, ask how much extra you can pay and when. Keep the answer beside the rate in your comparison.
4. Get switching costs in writing
FCAC explains that a new lender must approve your application and that switching may involve registration, discharge, transfer, appraisal or administrative costs. Ask for an itemized estimate showing what you would pay and which costs the new lender would cover.
Use those costs to check the value of the offer. For example, if a switch saves $30 per month and you pay $600 in fees, it takes 20 months for those simple payment savings to cover the fees. That example assumes comparable loans and ignores differences in principal repayment. Ask for the projected balance at the end of each term to make a more complete comparison.
5. Set a decision date before maturity
Put a reminder in your calendar to review written offers and follow up on anything still outstanding. Ask your current lender whether it can improve the renewal offer. If you plan to switch, ask the new lender what documents and approvals are needed and when the transfer can close. Check your renewal notice for any automatic renewal terms while you make your decision.
Frequently asked questions
Can I switch lenders at renewal?
Yes, if the new lender approves your application. Compare the full cost and confirm the transfer timing before committing.
What should I bring to a renewal review?
Start with your current mortgage statement, maturity date and written renewal offer. Mention any plans to move, renovate or borrow more so the comparison reflects what you actually need.
Compare your Alberta mortgage renewal options
If your mortgage is coming due in Lethbridge or elsewhere in Alberta, send me your maturity date and the terms of your current offer. We can go through the numbers and the features you’re likely to use.
Dillan Kelly | Mortgage Broker | Dominion Lending Centres Mortgage Excellence
403-894-5818 | dillan@dlcme.ca | dkmortgageteam.ca
Source for renewal and transfer guidance, reviewed November 4, 2026. Financial Consumer Agency of Canada, Renewing your mortgage. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html
