Mortgage renewal, refinancing or transfer: what are the differences?

Mortgage Renewal, Refinancing, or Transfer: What’s the Difference?

You’ve probably heard the terms mortgage renewal, refinancing, or transfer thrown around — but what do they actually mean? If you’re unsure, you’re not alone. These distinctions can have a real impact on your financial planning — especially when it's time to visit a notary.

Here’s what you need to know

Mortgage Renewal

A renewal happens when your mortgage term ends (typically every 5 years), but you haven’t finished paying off the loan yet.

You stay with the same financial institution
You don’t borrow any new funds
No notary is involved
You just renegotiate the terms — interest rate, duration, and payment schedule

Good to know: You can also switch lenders at renewal time — and that’s when a notary steps in.

Mortgage Refinancing

Refinancing means you're borrowing additional money by leveraging the value of your home. People often refinance to fund big projects — renovations, travel, investments — or to consolidate debt.

• You can stay with your current lender or go with a new one
• You’re increasing your mortgage balance
• A new mortgage deed is required
• A notary must prepare and register it

Even if you stay with your current bank, a notary is still needed if a new amount is being added to the property.

Mortgage Transfer

A transfer (also known as subrogation) happens when you change lenders but keep your current mortgage amount.

You borrow the same amount from a new financial institution
You’re typically looking for a better interest rate or more flexible terms
A notary is always required — even if the amount doesn’t change

This is where Notairo can help you save time and money by making the process easier.

Which Option Is Right for You?

It depends on your situation:

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