Even if your income and debts haven’t changed much, lender policies may have. Lenders update their guidelines based on: Market conditions Regulatory expectations Their own risk appetite Some examples of policy changes that can affect you: Tighter rules around rental income or overtime income Different ways of calculating self‑employed income More conservative limits on debt‑to‑income ratios A lender that would have easily approved you five years ago might be more cautious tod

Life rarely stays the same over a 3–5 year mortgage term. Some common changes that can impact re‑qualification include: Income changes – A lower salary, fewer overtime hours, or switching from salaried to commission or self-employed income can all affect how your income is viewed. New debts – Car loans, lines of credit, personal loans, or higher credit card balances can influence your debt servicing ratios. Family changes – Adding childcare costs, supporting dependents, or se

One of the biggest shifts in recent years has been higher interest rates. When rates go up, the mortgage stress test becomes tougher. Most borrowers need to qualify at the higher of: The benchmark qualifying rate, or Their actual contract rate plus 2% If your original mortgage was at a much lower rate, you likely passed the stress test with room to spare. At renewal, if today’s rates are higher, your qualifying rate can also be much higher—sometimes several percentage points

In Canada, when you stay with your current lender at renewal and don’t increase your mortgage amount or change the amortization, many lenders will treat it as a simple renewal with limited underwriting. However, when you switch to a new lender, that new lender usually treats it like a new mortgage application. That’s where full re‑qualification comes in. They may need to: Review your income and employment Re-check your credit Confirm your debts and monthly obligations Ensure

For many years, mortgage renewal was simple. Your term ended, your lender sent you an offer, you signed it, and that was it. Today, things can feel more complicated—especially if you’re thinking about switching lenders. In some cases, homeowners are being asked to fully re‑qualify for their mortgage at renewal, even though they’ve been making payments on time for years. Let’s walk through why this is happening, what it means for you, and how to prepare so you have options whe