The 120-Day Window Explained

Most major lenders in Canada offer a 120-day rate hold ahead of mortgage renewal. This means you can negotiate and lock in a rate up to four months before your term ends, with no commitment required. If rates drop further before your renewal date, many lenders will allow you to re-lock at the lower rate. If rates rise, you're protected.

The window varies slightly by lender — some offer 90 days, some 150 — but 120 days is the most common standard. Your mortgage broker tracks this for you automatically.

Why Starting Early Matters Right Now

Many Alberta homeowners who signed 5-year fixed mortgages in 2019–2021 are entering their renewal window now. The rate environment has shifted significantly since then. Starting the renewal conversation 4 months early gives you:

  • Time to compare offers from multiple lenders without pressure
  • The ability to hold a rate while you decide
  • Leverage — your current lender knows you're shopping

What Happens If You Do Nothing

If you don't engage before renewal, your lender sends a renewal notice — typically 30–45 days before maturity — with a rate offer. Many borrowers sign it without comparison shopping.

This is the most expensive mistake a mortgage holder can make at renewal. The renewal notice is not the best rate available. It's the first offer.

Can You Switch Lenders During the Early Renewal Window?

Yes. You are not locked to your current lender at renewal regardless of your early start date. If a different lender offers better terms, your broker manages the transfer. In most cases the new lender covers the legal and administrative costs of switching lenders, making it effectively free to move.

What to Do Right Now

If your mortgage renews in the next 120 days, start comparing rates today. If it renews in 6–12 months, start the conversation now — not to lock in, but to understand your options before the window opens.

An independent broker shops 50+ lenders simultaneously and presents your options side by side — free of charge. There is no cost to starting early, and the potential savings are significant.