{"id":95172,"date":"2025-07-30T09:24:51","date_gmt":"2025-07-30T13:24:51","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=95172"},"modified":"2025-07-30T09:24:52","modified_gmt":"2025-07-30T13:24:52","slug":"mortgage-renewal-why-locking-in-early-could-be-right-for-you","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-next-home\/mortgage-renewal-why-locking-in-early-could-be-right-for-you\/","title":{"rendered":"Mortgage Renewal: Why Locking in Early Could be Right for You"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Looking to renew your mortgage? Consider rate lock to take control of your finances in a changing economic environment.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Step back and assess your current needs and financial situation before you renew.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>A mortgage advisor can help you explore affordable renewal options and simplify the process.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Approximately <a href=\"https:\/\/www.newswire.ca\/news-releases\/more-than-half-of-canadians-renewing-a-mortgage-this-year-expect-their-monthly-payment-to-increase-royal-lepage-r-survey-873707133.html#:~:text=TORONTO%2C%20Feb.,in%202025%2C%20aged%2018+.\" data-dig-id=\"LP-95172-2280bed2\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"1.2 million mortgages are renewing\" class=\"rbc-link-format\">1.2 million mortgages are renewing<\/a> at a higher rate than the ultra-low levels seen during the pandemic. If you\u2019re among these homeowners, consider locking in your mortgage rate early to give you more control over your finances in today\u2019s changing economic environment.<\/p>\n\n\n\n<p>Take advantage of the early renewal option at RBC which allows you to renew up to 180 days before your mortgage maturity date, without penalty. There are many other benefits.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rate-lock-protect-yourself-in-uncertain-times\">Rate Lock: Protect Yourself in Uncertain Times<\/h2>\n\n\n\n<p>Today\u2019s economic environment is aptly and consistently described as uncertain. Forecasting what comes next is challenging, given disruption in trade, sticky inflation and geopolitical tensions. This makes future interest rate movement difficult to predict, but one thing <a href=\"https:\/\/financialpost.com\/news\/bank-of-canada-done-cutting-interest-rates-economists-say\" data-dig-id=\"LP-95172-2a3e5133\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"experts seem to agree\" class=\"rbc-link-format\">experts seem to agree<\/a> on is this: Canada is not likely&nbsp; to see rates like those of 2020-2021 anytime soon.<\/p>\n\n\n\n<p>It\u2019s worth noting too, that even if rates do fall, it doesn\u2019t mean that fixed mortgage rates will also go down. This is because fixed mortgage rates don\u2019t always mirror Bank of Canada changes \u2013 rather, they are influenced by bond yields and lender expectations.<\/p>\n\n\n\n<p>By locking in your mortgage renewal early, you can gain peace of mind from knowing what your mortgage payments will be in the future. &nbsp;The renewal process is easy and convenient too \u2013 you don\u2019t have to requalify for your mortgage and your lender won\u2019t do a credit check. Once you\u2019ve decided on your new mortgage type and term, it\u2019s simply a matter of signing some paperwork.<\/p>\n\n\n\n<p class=\"has-light-grey-background-color has-background\">Get a quick estimate of what your new mortgage payments may be at renewal using the <a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/renewing-your-mortgage.html\" data-dig-id=\"LP-95172-f4c24808\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC&nbsp;Mortgage Payment Calculator\" class=\"rbc-link-format\">RBC&nbsp;Mortgage Payment Calculator<\/a>.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-review-your-mortgage-options-before-your-renew\">Review Your Mortgage Options Before Your Renew<\/h2>\n\n\n\n<p>Advance planning can pay off in other ways too. Reviewing your mortgage renewal options early gives you the chance to reassess your goals and make financial decisions that reflect your current needs and priorities. After all, life may look different than it did when you got your mortgage \u2014 and your priorities may have shifted too. That\u2019s why now is the perfect time to explore your options and make any necessary adjustments.<\/p>\n\n\n\n<p>Here are a few things to consider:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p><strong>Mortgage Refinancing:<\/strong> If you have non-mortgage debt, refinancing your mortgage at the time of renewal can let you consolidate that debt, helping to lower your borrowing costs and simplify repayments<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p><strong>Extend Your Amortization: <\/strong>You may be eligible to extend your amortization, which can help relieve any cash flow pressure you may be experiencing<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p><strong>Pay-off Your Mortgage Faster: <\/strong>&nbsp;If rates go down and you have room in your budget, this might be an opportunity to pay down your mortgage faster, such as by accelerating your mortgage payments<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p><strong>Talk to a Mortgage Advisor:<\/strong> Mid-term changes to your mortgage often come with fees \u2013 so if your financial situation has changed due to family, career or income shifts, now is the time to make adjustments. Be sure to seek meaningful advice from a mortgage professional who can recommend solutions that meet your needs.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-get-guidance-for-long-term-financial-security\">Get Guidance for Long-Term Financial Security<\/h2>\n\n\n\n<p>Many Canadians are feeling the strain of changing economic conditions. Taking some time to talk through your mortgage renewal options now can help you make informed choices, rather than feeling rushed when your term comes to an end.<\/p>\n\n\n\n<p>It\u2019s also a good opportunity to step back and look at your full financial picture, including your investments, loans and other financial responsibilities. A financial advisor can help you determine your next steps and provide guidance that goes beyond your mortgage, supporting your long-term financial security.<\/p>\n\n\n\n<p><strong>Looking for more information on Bank of Canada&#8217;s latest interest rate? <\/strong><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/understanding-interest-rates\/bank-of-canada-interest-rate-announcement\/\" data-dig-id=\"LP-95172-8fe5514a\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"View more.\" class=\"rbc-link-format\"><strong>View more.<\/strong><\/a><\/p>\n\n\n\n<div class=\"wp-block-group  mar-b-hlf has-rbc-bright-blue-tint-4-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"h-ready-to-have-a-conversation\">Ready to have a conversation?<\/h2>\n\n\n\n<p class=\"has-text-align-center\">Your mortgage could be a powerful financial tool &#8211; make sure it&#8217;s working for you. <strong>Call 1-866-245-6737 or speak with an RBC Advisor today<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons pad-b-hlf is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button  is-style-primary primary btn before\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/specialist-locator\/index.html\" data-dig-id=\"LP-95172-d98bff85\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Find an RBC mortgage specialist-https:\/\/www.rbcroyalbank.com\/mortgages\/specialist-locator\/index.html \">Find an RBC mortgage specialist<\/a><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/renewing-your-mortgage.html?msockid=2ac24286e4b7660b2f8b5761e57267da\" data-dig-id=\"LP-95172-4c111f64\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn More\" class=\"rbc-link-format goto-link\" data-icon-class=\"goto-link\">Learn More<\/a><\/p>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Learn the benefits of early mortgage renewal, especially in an uncertain economy.<\/p>\n","protected":false},"author":319,"featured_media":95173,"parent":57284,"menu_order":0,"template":"wp-custom-template-mmm-sticky-nav","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[517,520,77],"rbc_content_type":[31],"rbc_audience":[],"rbc_lob_group":[58],"rbc_difficulty_level":[33],"rbc_mmm_category":[310,336,337,322,303,304,379],"class_list":["post-95172","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-budgeting","tag-managing-money","tag-personal-finance","rbc_content_type-article","rbc_lob_group-mortgage","rbc_difficulty_level-beginner","rbc_mmm_category-buying-a-home","rbc_mmm_category-buying-your-first-home","rbc_mmm_category-buying-your-next-home","rbc_mmm_category-economics-101","rbc_mmm_category-goals-aspirations","rbc_mmm_category-money-academy","rbc_mmm_category-understanding-interest-rates"],"acf":{"contently_publication_id":"","custom_author":"Royal Bank of Canada","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Learn the benefits of early mortgage renewal, especially in an uncertain economy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-next-home\/mortgage-renewal-why-locking-in-early-could-be-right-for-you\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"Learn the benefits of early 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