When your mortgage term ends, you’ll face the option to either renew your mortgage with your current lender or refinance with a new one. Failure to renew your mortgage can lead to serious financial and legal consequences. This article explores what happens if you don’t renew your mortgage, supported by real statistics and insights into the broader financial implications. 1. Understanding Mortgage Renewal A mortgage is typically structured into terms, commonly lasting 1-5 years, but the full amortization period often spans 15-30 years. At the end of each term, you must renew or pay off the remaining balance. If you fail to take action, your lender may impose severe penalties, foreclose on your property, or automatically renew under less favorable terms. 2. Risks of Failing to Renew Your Mortgage Legal Consequences If your mortgage isn’t renewed, it becomes immediately due. According to Canadian Mortgage and Housing Corporation (CMHC), defaulting on mortgage obligations can result in for...