The right time depends on whether you’re buying, renewing, switching lenders, or refinancing. These are useful planning timelines; your lender’s process and your situation may differ.
Buying your first home
Start planning early, but consider getting a pre-approval when you expect to begin seriously shopping, often about 2–4 months before. Depending on the lender, a pre-approval may hold a rate for 60–130 days. It doesn’t guarantee a final approval, which depends on your finances and the property you choose. FCAC: Mortgage pre-approval
Renewing or switching lenders
Begin comparing options about 4–6 months before your mortgage term ends. That gives you time to negotiate with your current lender or apply to switch. Ask about transfer costs and approval requirements; the new lender must approve your application. FCAC: Renewing your mortgage
Refinancing before renewal
If you want to access equity or change your mortgage before the term ends, start about 2–3 months before you need the funds. This is a planning estimate, not a guaranteed processing time. First, ask your lender for the cost of breaking your mortgage; penalties and fees can affect whether refinancing makes sense. FCAC: Breaking your mortgage contract
Quick guide: Pre-approval: 2–4 months before shopping. Renewal or switch: 4–6 months before maturity. Refinance: 2–3 months before you need the funds.
Not sure which timeline fits your plans? Feel free to reach out. Let’s talk through your options.