Compare your bank's renewal offer against broker rates. See exactly how much you could save by shopping around before you renew.
Start Early
Shop 120 days before renewal
No Penalties
Switching at renewal is free
Thousands in Savings
Even 0.25% saves big
The rate your bank offered in your renewal letter
Current best rate from mortgage brokers
Rate Difference
0.61%
Bank Payment
$2,181
Broker Payment
$2,048
5-Year Term Comparison
Bank
Total Interest
$87,849
Broker
$79,869
Balance After Term
$307,484
$306,981
*No obligation. Switching at renewal is typically free.
Banks often send renewal offers at posted rates or slight discounts. But these are rarely their best rates. By shopping around or negotiating, most Canadians can save thousands over their mortgage term.
Even a 0.25% rate difference on a $400K mortgage saves over $3,500 over a 5-year term.
At renewal, you can switch lenders without any prepayment penalties. It's free to shop around.
Switching at renewal is straightforward. The new lender handles most of the paperwork.
Start shopping 120 days before renewal. Most lenders will hold your rate for 120+ days.
Get a free quote and see how much you could save. No obligation, no pressure.
Most bank renewal offers are higher than what you could get by shopping around. Banks count on the convenience factor — most people just sign and return. By comparing rates through a broker, you can often save 0.20-0.50% or more, which could mean thousands over your term.
Start 120 days (4 months) before your renewal date. Most lenders will hold a rate for 120 days, giving you time to lock in a good rate while waiting to see if rates drop further. If rates decrease, you can request a lower rate before closing.
Yes. At the end of your term, you can switch to any lender without prepayment penalties. The new lender typically covers the legal and appraisal costs of the transfer. This is the best time to negotiate — you have full leverage to shop around.
A rate hold is a guarantee from a lender to lock in a specific rate for up to 120 days. If rates go up during that period, you keep the held rate. If rates go down, most lenders will give you the lower rate. There's no cost or obligation for a rate hold.
The new lender will do a credit check, which may cause a temporary small dip (5-10 points). However, if you're comparing rates from multiple lenders within a short period (14-45 days), credit bureaus typically count these as a single inquiry for scoring purposes.
For a straightforward switch (same balance, no equity takeout), most new lenders cover the costs including legal fees and appraisal. You may only pay a small discharge fee ($200-$350) to your current lender.
Yes, you'll need to qualify with the new lender, including the stress test. However, if you've maintained good payment history and your income is stable, this is usually straightforward.
Absolutely! In fact, having competing offers gives you leverage. Many lenders will match or come close to competitor rates to keep your business. Never accept the first offer.
You'll typically need: ID, mortgage statement, property tax bill, proof of income (pay stubs, T4s, or NOAs), and bank statements. The new lender will provide a complete checklist.
Pick a time that works best for you
