Brace yourself—2024 is shaping up to be a pivotal year for many Canadian homeowners. Thousands of mortgages are coming up for renewal, and the reality for many is higher interest rates and increased payments. If your mortgage renewal is just around the corner, you may be feeling anxious about what lies ahead, especially if your financial situation isn’t as solid as it was when you first locked in your mortgage.
But don’t worry, you’re not alone. Let’s dive into what you can expect if you’re renewing your mortgage in 2024 and how Homeequityloans.ca can help you navigate the challenges, particularly if you’re dealing with credit or income difficulties.
Why Mortgage Renewals in 2024 Are Different
According to industry experts, many Canadians will be facing higher interest rates when they renew their mortgages this year. While rate hikes may seem daunting, CIBC forecasts a significant rate cut by the end of 2024. However, these reductions might not come soon enough to ease the immediate burden for homeowners renewing their mortgages in the early part of the year.
If you’re renewing now, you may see your mortgage rate jump from the historically low rates of the past several years to something much higher. This could translate into hundreds, or even thousands, of extra dollars in payments each month. It’s not just about the sticker shock either—if you’ve had any changes in your credit or income, renewing your mortgage at a competitive rate could be even more of a challenge.
What You Can Expect at Renewal Time
Here’s what to expect if your mortgage is coming up for renewal in 2024:
- Higher Interest Rates: The low-interest rate environment that we enjoyed for nearly a decade is behind us. Today’s rates are higher, which means larger payments on your renewed mortgage. Even with a potential rate cut later in the year, early 2024 renewals will still likely lock in at a higher rate than your previous mortgage.
- Tighter Lending Criteria: Lenders will be assessing your financial situation more critically. If you’ve faced income challenges, missed payments, or a drop in your credit score, your options may be limited. Banks, in particular, tend to offer their best rates only to those with strong credit and stable income.
- Negotiation Leverage: You still have the power to negotiate. Whether it’s with your current lender or a new one, don’t be afraid to explore different options and ask for better terms. This is especially important if your financial situation has changed since your original mortgage was approved.

How Homeequityloans.ca Can Help if You’re Facing Financial Challenges
If you’re one of the many homeowners who’ve experienced credit or income issues since you took out your last mortgage, this might be a tough time to renew. Lenders, particularly big banks, can be unforgiving when it comes to people with poor credit or irregular income streams.
That’s where homeequityloans.ca comes in. We specialize in helping homeowners who may not qualify for the most competitive rates or who have been turned away by traditional lenders. We know that life can throw unexpected financial challenges your way, and our goal is to provide flexible mortgage solutions that work for you.
Flexible Options for Homeowners with Bad Credit or Income Challenges
Here’s how we can help you:
- Home Equity Loans: If you’re facing high debt or have missed mortgage payments, a home equity loan can help you regain control. By leveraging your home’s value, you can secure financing that may not be available from traditional lenders and use the funds to consolidate debt or ease your financial burden.
- Home Equity Lines of Credit (HELOCs): For those who need more flexibility, a HELOC can be a great solution. With a HELOC, you only borrow what you need when you need it, and you’ll only pay interest on the amount you’ve used. This is ideal for those who may face fluctuating financial needs or want to cover future expenses like home repairs or medical bills.
- Debt Consolidation: High-interest credit card debt or personal loans can make your mortgage renewal feel even more overwhelming. Debt consolidation loan that allows you to roll all your debts into a single, manageable monthly payment—often at a lower interest rate.
- Prepaid Mortgages: In some cases, we can help you structure a prepaid mortgage, which allows you to skip mortgage payments for up to a year. This can give you the breathing room you need to stabilize your finances and focus on rebuilding your credit.
Real-Life Example: A Renewing Homeowner’s Journey
Let’s take a look at Mark, a homeowner who recently renewed his mortgage with the help of Homequityloans.ca. Mark had a great rate on his first mortgage but had faced several financial difficulties over the years, including missed payments and growing credit card debt. By the time his mortgage came up for renewal in early 2024, his bank wasn’t offering him the competitive rate he needed. In fact, they were quoting a much higher rate because of his credit score.
Mark reached out to Homeequityloans.ca, and we were able to secure a home equity loan to consolidate his debt, improving his cash flow. We also structured his renewed mortgage with more flexible terms, giving him the ability to keep his payments manageable even in the face of higher interest rates. Today, Mark is back on track, with a plan to rebuild his credit and get ahead of his finances.
Mark’s story isn’t unique—many homeowners are in the same boat. The key is taking action before your renewal date arrives.

Your Next Steps: What Can You Do Right Now?
If your mortgage renewal is approaching in 2024, here are some steps you can take today:
- Start Early: Don’t wait until the last minute. Lenders often start sending out renewal offers 3 to 6 months before your term ends. This is your opportunity to shop around, explore your options, and negotiate for better terms.
- Know Your Options: If traditional lenders aren’t offering competitive rates because of your credit or income, explore alternative lenders. You may be able to find more flexible solutions tailored to your situation.
- Consolidate Debt: If high-interest debt is weighing you down, consider consolidating it with a home equity loan. This can help lower your overall payments and improve your financial outlook.
- Explore Flexible Terms: Ask about prepaid mortgage options or adjustable payment plans that can give you breathing room during financial hardships.
- Don’t Let Credit Challenges Stop You: At Homeequityloans.ca, we specialize in helping homeowners with bad credit or income challenges. As long as you have equity in your home, we can work with you to find a solution that fits.
Final Thoughts
Renewing your mortgage in 2024 might feel like a daunting task, but with the right approach, you can manage the transition smoothly—even if you’re dealing with higher rates, bad credit, or financial challenges. We’re here to help you find flexible, real-world solutions that work for your situation.
Ready to take control of your mortgage renewal? Visit Homeequityloans.ca or contact our team today for a free consultation. We’ll walk you through your options and help you make the best decision for your financial future.