Free 120-day rate hold
We lock a rate up to four months before your maturity date at no cost. If the market improves before you close, you get the better rate.
03 — Term end
That renewalletter is an offer.Not a verdict.
Over 65% of Canadians sign whatever their lender mails them. On a $500,000 mortgage, half a point of rate is worth roughly $13,000 over a five-year term.
- 65%Of Canadians renew without questioning the rate offered
- 120 dFree rate protection before your maturity date
- 30 dNotice most lenders give you — barely enough to shop
- $0Cost to switch lenders on a straight renewal
Why the renewal letter is the most expensive envelope you will open
When your term ends, your lender sends a renewal agreement — usually about thirty days before maturity — with a rate on it and a signature line. It is an opening offer. It is very rarely their best rate, because they are pricing on the reasonable assumption that most people will simply sign.
You are under no obligation to accept. You can renegotiate, or you can move the mortgage to another lender entirely. On a straight renewal, with no new money and no change to the amortization, switching lenders normally costs you nothing — the new lender covers the legal and appraisal costs to win your business.
The window matters. We start re-shopping 120 days before maturity, which is the longest most lenders will hold a rate for you. That hold is free and carries no obligation: if rates rise you keep the held rate, and if they fall you take the lower one.
What we can do here
Switch at no cost
On a straight renewal the incoming lender almost always absorbs legal and appraisal fees. Moving is usually free.
Early renewal analysis
If current rates are meaningfully below your existing rate, breaking early can pay for itself even after the penalty. We model it properly — the prepayment charge is payable up front, in cash.
Renew regardless of situation
Income changed, credit took a hit, or you have picked up debt since you last qualified? There are renewal options across banks, alternative lenders and private capital.
Reset the payment schedule
Renewal is the natural moment to switch to accelerated bi-weekly payments, which shaves years off the amortization without a meaningful change to your monthly budget.
Choose the term deliberately
Two, three or five years is a view on where rates are going and on your own plans. If you might sell or move in three years, a five-year fixed can be an expensive mistake.
How it runs
From first call to funded.
What to have ready
- Your renewal letter, if it has arrived
- Your current mortgage statement — balance, rate, maturity date
- A recent property tax bill
- Proof of income, if you want to change the amount or amortization
- Home insurance details
- 01
120 days out — we call you
If we arranged your mortgage, you do not have to remember. We reach out four months ahead and hold a rate.
- 02
Re-shop the market
Your renewal offer goes side by side against what 50+ lenders would give you today, including your own lender's real best rate.
- 03
Compare properly
Rate is one line. Penalty formula, prepayment privileges and portability decide what the term actually costs you.
- 04
Sign and switch
If moving wins, the new lender handles the transfer. Your payment moves across at maturity with no gap.
Questions
Renewal — the common questions.
More in the full FAQ, or call 416 230 2920.
When should I start looking at my renewal?
Four months before your maturity date. That is the longest rate hold available, it is free, and it means you are negotiating from a position where you already have an alternative in hand.
Does switching lenders at renewal cost me anything?
On a straight switch — same balance, same or shorter amortization, no new money — the incoming lender typically covers legal and appraisal costs. If you are taking equity out at the same time, that is a refinance rather than a switch and normal costs apply.
What if my situation has got worse since I last qualified?
You still have options. A renewal with your existing lender does not usually require requalifying. If you want to move, alternative lenders assess differently from banks, and equity carries a lot of weight. Tell us honestly what has changed and we will place it accordingly.
Should I renew early?
Only if the saving from the lower rate exceeds the prepayment charge, and you can pay that charge up front. It also depends on whether you expect rates to be higher at your actual maturity date. We run the comparison rather than guessing.
Talk to a broker