Posted On Jan 09, 2026

TL;DR Summary Box

Got a mortgage renewal coming up? Here's what you need to know: Start the process 4-6 months early, don't auto-renew without shopping around, and have your documents ready. Renewals need way less paperwork than your original mortgage application. I've included a complete checklist below plus what to expect from start to finish. Bottom line: A 20-minute chat now could save you thousands over your next term.

I was chatting with a neighbour in Stony Plain last week who casually mentioned their mortgage was renewing in a few months. When I asked what they were doing about it, they shrugged and said, "I guess I'll just sign whatever my bank sends me."

Hold up.

That's like renewing your cell phone plan without checking if there are better deals out there. Except we're talking about your mortgage – probably your biggest monthly expense.

If you've got a renewal coming up (or know someone who does), this post is your roadmap. I'm breaking down exactly what to expect, what documents you'll need, and how to make sure you're getting the best deal possible.

What Actually Happens During a Mortgage Renewal?

Let me start with the good news: renewals are way easier than getting your original mortgage. You're not proving you can afford a house – you already own one and have been making payments. You're basically just agreeing to continue the relationship for another term.

Typical timeline (realistic):

• Initial info + document collection: We chat, I pull together your basic details, and you send income, tax, insurance, and mortgage statements. The earlier you send docs, the smoother everything runs.
• Application submission: I package your file and submit to the lender that best fits your goals.
• Conditional approval: The lender says “approved, subject to conditions.” Translation: you’re approved as long as we provide a few items they still need to verify.
• Satisfying conditions (back-and-forth): We upload any missing or updated documents (think a clearer pay stub, most recent property tax bill, or confirmation from the insurer if your mortgage is insured). Timing here depends on how quickly documents are provided and how fast the lender/insurer reviews them. Conditional approval can add a few days to a couple weeks depending on documents + lender turnaround.
• Final approval/commitment: Once conditions are met, the lender issues the final commitment.
• Renewal switch/legal (if applicable): If you’re switching lenders in Alberta, instructions go to your lawyer to register the new term; if you stay with your current lender, it may just be signing the new agreement.

The Auto-Renew Trap (Don't Fall for It!)

Here's what most lenders won't tell you: they're counting on you to just auto-renew. It's easy money for them because they know most people will take the path of least resistance.

I've seen this play out countless times across Edmonton West and Parkland County. Someone gets their renewal letter, thinks "thank goodness that's taken care of," signs it, and sends it back. Meanwhile, they could have saved $200-400 per month by shopping around.

Real talk: Your current lender's renewal offer is rarely their best rate. Why? Because they know switching lenders feels like a hassle, so they don't have to be competitive.

What a Mortgage Broker Actually Does for Renewals

Think of me as your renewal wingman. While you're busy with work, kids, and life in general, I'm:

• Shopping 40+ lenders to find better rates and terms
• Negotiating on your behalf (even with your current lender)
• Handling all the paperwork so you don't have to chase down documents
• Explaining the fine print – like prepayment options and portability features
• Making sure you're not leaving money on the table

The best part? My service is free to you. I get paid by the lender you choose, so there's literally no downside to having me shop around.

Your Renewal Document Checklist

Okay, here's the practical stuff. I'm organizing this so you can quickly scan for what applies to your situation:

For Everyone (All Borrowers)

• Photo ID for each person on the mortgage
• Void cheque from the account where you want mortgage payments withdrawn
• Current homeowner's insurance policy (all pages)
• Most recent property tax bills for all properties you own (not assessments – the actual bills)
• Current mortgage statements for all properties
• Canada Child Benefit documentation (if applicable) – CRA paperwork showing amounts and children's ages

If You're Employed

• 2 recent pay stubs (at least one showing full hours if you work full-time)
• 2023 + 2024 T4s (must show your name and employer's name – CRA copies are not accepted)
• Employment letter on company letterhead including your wage, hours, position, start date, and employment status

If You're Self-Employed (Forward This List to Your Accountant)

• 2023 & 2024 T1 General (all pages)
• 2023 & 2024 T4s and T5s showing employer and dividend income (CRA copies are not accepted)
• 2023 & 2024 Notices of Assessment (front and back, confirming taxes are current). If you owed taxes in 2024, include proof of payment – bank receipt or CRA statement showing $0 balance
• If you're incorporated: Most recent business financial statements + Articles of incorporation showing shareholder percentages

Additional Items (If They Apply to You)

• Current lease agreements for any rental properties
• Condo board documentation from within the last year confirming your condo fees
• Any recent changes to income, employment, or family situation

Common Renewal Mistakes I See (And How to Avoid Them)

Mistake #1: Waiting Until the Last Minute
Your renewal date isn't a deadline to start thinking about it – it's when everything needs to be finalized. Start the conversation 4-6 months early.

Mistake #2: Only Looking at Interest Rates
Yes, rate matters, but so do prepayment privileges, portability options, and penalty calculations. A slightly higher rate with better features might save you money long-term.

Mistake #3: Not Considering Your Future Plans
Planning to sell in 2-3 years? Maybe a variable rate makes sense. Thinking about renovations? You'll want strong prepayment options. Getting married or having kids? Your income situation might be changing.

Mistake #4: Forgetting About Stress Test Rules
If you're switching lenders, you might need to qualify under current stress test rules – even for a renewal. This is where having a broker really pays off.

What If Your Situation Has Changed?

Life happens. Maybe you've changed jobs, had kids, started a business, or dealt with some credit challenges since your last renewal. Don't assume you're stuck with your current lender.

I work with clients across Stony Plain and the broader Edmonton area who think their options are limited. More often than not, we find solutions that work – sometimes with better terms than they had before.

The key is being upfront about any changes so we can position your application properly and choose the right lender from the start.

The Renewal Process: What to Actually Expect

Once we've found you a great rate and terms, here's what to expect:

What “conditional approval” means:

• It’s an approval subject to conditions. In plain English: the lender agrees to your renewal or switch as long as we provide specific documents or confirmations.

Why conditions happen:

• Lenders still verify the basics (recent income documents, current property taxes and home insurance).
• If your mortgage is insured, the insurer may need to review or confirm the switch.
• Sometimes they request updated credit or legal/registration details.

Timing (realistic, not “TV fast”):

• Initial/conditional approval often arrives within a few business days after we submit a complete application.
• Clearing conditions can take a few days to a couple of weeks depending on how quickly you send documents and how fast the lender/insurer reviews them.
• Final approval/commitment is issued after conditions are satisfied, then instructions are sent to your lawyer if you’re switching lenders.

Quick step-through:

• Submit application + documents
• Receive conditional approval (approved, subject to conditions)
• Satisfy conditions (back-and-forth for any missing/updated docs)
• Final approval/commitment
• Legal/registration if switching; simple signing if staying put

Pro tip: sending your documents early is the easiest way to avoid delays and last‑minute stress (especially around busy seasons in Edmonton and across Alberta).

Why Working with a Local Broker Matters

Look, you could call around to banks yourself. You could spend your evenings researching rates and terms. You could navigate the application process solo.

Or you could spend 20 minutes with me, and I'll handle all of that while you focus on your actual life.

I've been helping families across Stony Plain, Spruce Grove, and Edmonton with their renewals for years. I know which lenders are competitive right now, which ones have quirky qualification requirements, and which ones actually deliver on their promises.

Plus, when you work with someone local, you get real service. You can call me with questions, stop by my office, or grab coffee if you want to chat through your options face-to-face.

Ready to Make Your Renewal Work for You?

Here's the thing – your mortgage renewal is happening whether you're actively involved or not. The question is: do you want to be in the driver's seat, or just along for the ride?

If you've got a renewal coming up (or even if it's still a year away), let's have that conversation now. I'll review your current situation, explain your options, and make sure you're positioned to get the best possible terms when the time comes.

Ready to get started? Head over to tamaraball.ca to book a quick renewal review call. We'll go through your situation, I'll explain what options you have, and you'll know exactly what to expect from the process.

Because here's what I know after years of doing this: the homeowners who take 20 minutes to plan their renewal save thousands more than the ones who just hope for the best.

Your future self will thank you for making that call today.