Your renewal letter is an offer. It is not the only one.
Most people sign the renewal letter because it is easy. Lenders count on that. A renewal is the one moment you can change lender with no penalty, and the market is usually better than the letter.
- Your mortgage renews within the next twelve months.
- You received a letter with a rate and a signature line.
- Your income or plans changed since you first signed.
- You want to know whether switching is worth the paperwork.
Compare your renewal offer
Your letter’s rate against a market rate, over the whole term.
Open the calculator- For a straight switch of the same balance: income, credit and the property, qualified at the stress-test rate if the mortgage is uninsured.
- Whether your mortgage is insured. Insured mortgages can switch with fewer hurdles and often better rates.
- Payment history on the current mortgage.
- Whether you want to change anything: amortization, amount, adding a HELOC.
- We start 120 days out, because most lenders let you hold a rate for that long and the letter usually arrives later than that.
- We compare your lender’s offer against the market and send you the comparison in writing, including the case for staying.
- When switching wins, the new lender usually covers the legal and appraisal costs. We tell you exactly what, if anything, you pay.
- We ask what has changed. A renewal is a cheap moment to fix an amortization, add prepayment room or restructure debt.
A $410,000 balance renews next spring. The lender’s letter offers 5.09% for five years. The best comparable offer in the market is 4.49%.
Over the term the difference is roughly $11,000 in interest. The switch costs the homeowner nothing because the new lender covers the transfer fees. We show the numbers; the current lender is given a chance to match; the homeowner decides.
Illustrative only. Rates are examples, not offers. Constants verified 2026-09-16.
Have these ready and the first meeting does the work of three.
Send them through our secure application, never by regular email.
- Your renewal letter or current mortgage statement
- Recent pay stubs and employment letter, or self-employed documents
- Property tax bill and home insurance
- Government photo ID
When should I start?
About 120 days before the maturity date. Rates can be held for that long, and it leaves time for the lender to match or for a switch to complete without pressure.
Does switching lenders cost money?
For a straight switch, usually not. Most lenders cover the appraisal and transfer fees. If you increase the amount or change the structure, it becomes a refinance and legal fees apply. We tell you which one you are doing.
Can I switch if my income dropped?
Renewing with your current lender does not require re-qualifying. Switching does. If income is the issue, staying may be the right move and we will say so.
What if I am on a fixed rate that is now higher than the market?
Before renewal, breaking costs a penalty. We calculate whether paying it beats waiting. At renewal, there is no penalty, and that is the moment to move.
Talk to us about your situation.
A first conversation costs nothing. Bring the questions; we bring the numbers.
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First-time buyers
Down payment, programs, pre-approval and what happens after your offer is accepted.
See the stepsNew to Canada
Work permit, PR or citizen: which lenders accept your status and your income history.
See the stepsSelf-employed
Your tax return is not your income. We show lenders the business behind it.
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