Renew or Refinance

You can renew your current mortgage with ATB as early as 120 days before your renewal date. ATB Mortgage clients will hear from our Mortgage Renewal Team during this time frame.

If you are thinking about making any changes to your mortgage such as accessing equity, it’s best to connect with us as soon as possible.

If you have questions, want to connect, or have not heard from us, please reach out to the ATB Mortgage Renewal Team.

Your renewal is part of your overall financial picture and gives you the opportunity to evaluate your current financial situation. You’ll have the opportunity to review payment amount, payment frequency and mortgage products to ensure your renewal meets your current needs. You should be ready to make your renewal decision 30-60 days before which gives you plenty of time to select the right renewal scenario for your financial situation.

If you are really eager, you can renew your closed ATB mortgage within 120 days of maturity with no prepayment penalty. With an open mortgage, you can renew early at any time without penalty.

If you are thinking about making any changes to your mortgage such as accessing equity, selling your home or adding a HELOC (Home Equity Line of Credit), it’s best to connect with us as soon as possible to begin the application process. Connect with the ATB Mortgage Renewal Team.

The rate at the time of renewal depends on the term and renewal product you choose. Your Mortgage Renewal Advisor can review your current situation including future plans for your home and budget to help you determine what the right term and rate is for you. You can also learn about how interest rates are calculated on Good Advice.

If the interest rate for the term you choose is lower on the day your new term begins, we’ll automatically apply our lowest rate for that term on your renewal date. That's our rate promise to returning mortgage clients.

Renewing your mortgage happens when your current mortgage agreement (also called “term”) ends, you sign a new agreement with the same lender to keep your existing mortgage.

Refinancing your mortgage means replacing your existing mortgage with a new one, possibly with more funds or different terms. A full credit application is also required, which can take time and add costs. While you can refinance anytime you should consider there may be extra costs like prepayment penalties, closing fees, appraisal charges, application fees, and legal expenses.

If you don’t renew your current ATB mortgage before your term ends, your mortgage will convert into a 6 month open term at the current posted rate. If this happens, you will lose your held rate and your mortgage payments may potentially increase significantly.