Re-amortizing your mortgage at renewal lets Alberta homeowners extend their amortization period to lower monthly payments without refinancing.

When your mortgage term ends, it’s the perfect opportunity to reassess your financial goals and secure a better rate. Whether you live in Edmonton, Calgary, St. Albert, Sherwood Park, Airdrie, or Red Deer, learning how to negotiate your mortgage renewal can help you save thousands over time. Aerial view of downtown Edmonton, Alberta, where many homeowners review their mortgage renewal options to secure better rates. Below are five practical mortgage renewal negotiation tips  

Understanding Prepayment Penalties When you pay off your mortgage early, whether by selling your home, refinancing, or switching lenders, your lender may charge a prepayment penalty . These fees compensate lenders for the interest they lose when a borrower pays off their loan sooner than expected. Red Deer, Alberta, where smart mortgage planning helps homeowners avoid prepayment penalties. In Alberta, the amount depends on your mortgage type: Fixed-rate mortgages  often use t