Mortgage Renewal Guide

The #1 Renewal Mistake

Most Canadians simply sign the renewal letter their bank sends them. This is exactly what the bank is hoping you'll do — because the rate on that letter is almost never the best rate available to you.

Why Your Renewal Matters

When your mortgage term ends (typically every 3-5 years), you have the opportunity to renegotiate your rate, switch lenders, change your payment frequency, adjust your amortization, or consolidate debts. It's one of the most powerful financial moments in your homeownership cycle — and most people give it less thought than choosing a restaurant.

What We Do for Renewal Clients

Review Your Current Mortgage

We look at your existing rate, term, prepayment privileges, and whether your current product is still the right fit for your situation.

Shop the Market

We compare rates from dozens of lenders — including your current bank. You'd be surprised how often a different lender offers a meaningfully better rate for the same product.

Evaluate Switching Costs

If your mortgage is registered as a standard charge, switching lenders at renewal is usually free. If it's a collateral charge (common with banks), there may be legal fees. We calculate whether the rate savings justify any costs.

Consider the Whole Picture

Has your situation changed? Debt to consolidate? Renovation planned? Considering a rental suite? Your renewal is the ideal time to restructure. We look at your complete financial picture, not just the rate.

Handle Everything

If switching makes sense, we manage the entire process — application, approval, legal coordination, and funding. You don't deal with the bank directly.

When to Contact Us

120 days before your maturity date is ideal. This gives us time to shop the market, lock in a rate hold, and coordinate any switching. Most lenders allow you to lock in a rate 90-120 days before your renewal date.

If your renewal is sooner than that — even if you've already received the renewal letter from your bank — it's still worth a call. We can often do better, even at the last minute.

What Happens If You Just Sign?

Banks count on inertia. The renewal letter they send typically offers a rate that's 0.25-0.75% higher than what's available in the market. On a $400,000 mortgage, 0.50% over 5 years is approximately $10,000 in additional interest — money that stays in the bank's pocket instead of yours.

Our service costs you nothing. The lender pays our fee, just like with a new purchase. There is literally no reason not to have us shop your renewal.

Renewal Coming Up?

Send us your renewal letter and we'll tell you if we can do better. Takes 5 minutes.

Your mortgage renewal is the single biggest opportunity to save money on your mortgage — or to lose money by doing nothing. Most Canadians simply sign their bank's renewal letter without question. That is almost always a mistake.

Why You Should Never Just Sign

When your mortgage term ends, your bank sends a renewal letter with a rate offer. That offer is almost never their best rate. Banks count on the fact that most people don't shop around — and they price renewals accordingly.

The difference between your bank's posted renewal rate and the rate a broker can negotiate is typically 0.25% to 0.75%. On a $500,000 mortgage, that translates to:

Rate Difference	Monthly Savings	5-Year Savings
0.25% lower	$68/month	$4,080
0.50% lower	$137/month	$8,220
0.75% lower	$206/month	$12,360

These are real savings that take 15 minutes of your time. There is no cost to work with us — the lender pays the broker fee. You get a better rate and it costs you nothing.

When to Start

120 days before your maturity date — that is when you should contact us. Most lenders allow a rate hold 120 days in advance, meaning we can lock in a competitive rate well before your renewal date. If rates drop further before closing, we can usually get you the lower rate.

If your renewal is less than 120 days away, contact us immediately. We can still help — the process is straightforward and typically takes less than a week.

If your renewal is more than 120 days away, that's fine too. We can review your current mortgage and advise whether it makes sense to break early (sometimes the penalty savings are worth it) or wait for renewal.

What to Look for in Your Renewal Letter

When you receive your renewal letter, look for these key items before signing anything:

The offered rate — Compare this to current market rates on our rates page. You can also run the numbers through our mortgage calculator. If there's a gap of 0.15% or more, you're likely leaving money on the table.

The term — Your bank may default to a 5-year fixed. That may not be optimal for your situation. A shorter term or a variable rate could save you significantly depending on the rate environment.

Prepayment privileges — Check whether you can increase payments, make lump sums, or pay off early without penalty. These terms matter more than most people realize.

Penalty terms — Understand the cost of breaking the mortgage early. Some lenders charge significantly more than others for the same action.

Portability — If you might move during the term, ensure your mortgage is portable. Not all lenders offer this, and losing portability can be costly.

What the Renewal Process Looks Like

Send Us Your Renewal Letter

Email or bring in your renewal offer. We'll review the rate, term, and conditions and tell you immediately whether we can do better.

We Shop the Market

We compare rates and terms across dozens of lenders — major banks, credit unions, monoline lenders, and trust companies. We find the best combination of rate, terms, and flexibility for your situation.

You Decide

We present your options with a clear recommendation. You decide whether to stay with your current lender (sometimes we can negotiate them down) or switch. Switching at renewal is free — there are no penalties.

We Handle Everything

If you switch, we manage the paperwork, coordinate with the new lender and your lawyer, and ensure the transition is seamless. There is no cost to you — the lender pays our fee.

It's Also a Good Time to Reassess

Renewal is not just about the rate. It is also an opportunity to reassess your overall mortgage strategy. Has your situation changed in the last five years? Common reasons to restructure at renewal include:

• Consolidating high-interest debt into your mortgage

• Accessing equity for renovations or investments

• Adjusting your amortization to change payment amounts

• Setting up a HELOC for flexibility

• Planning for an upcoming retirement or income change