Mortgage Renewal Guide
Your mortgage renewal is your chance to save thousands. Learn when to start, what to watch for, and how to get the best rate—whether you stay or switch.
Don't just sign and return your renewal letter!
Banks count on 60%+ of customers auto-renewing without negotiating. You could save thousands by shopping around.
Your Renewal Timeline
120 Days Before: Start Shopping
Begin getting quotes from brokers and other lenders. Most will hold your rate for 120 days, protecting you if rates rise while you compare.
90 Days Before: Get Pre-Approved
Submit applications to 2-3 lenders. Getting pre-approved doesn't commit you but shows you're serious and locks in rates.
21 Days Before: Receive Bank Offer
Your current lender must send a renewal offer at least 21 days before maturity. Compare this to the quotes you've gathered.
14 Days Before: Negotiate or Switch
Call your bank with competing offers and negotiate. If they won't match, initiate the switch to your new lender.
Renewal Date: New Term Begins
Whether you stayed or switched, your new mortgage term begins. Set a reminder to start shopping again 120 days before it ends!
Should You Stay or Switch?
Reasons to Stay
- Bank matches or beats competitor rates
- You value the relationship and service
- Less paperwork and hassle
- No qualifying/stress test required
- You want to increase your mortgage (easier with existing lender)
Reasons to Switch
- Another lender offers a better rate
- Bank won't negotiate fairly
- You want better prepayment privileges
- Poor customer service experience
- You want different mortgage features
The Cost of Switching
For a straightforward switch (same balance, no changes), the new lender typically covers:
- • Legal/registration fees: $0 (lender covers)
- • Appraisal: Usually not required or covered
- • Your only cost: Discharge fee to old lender ($200-$350)
How to Negotiate with Your Bank
Get Competing Quotes First
Never negotiate without leverage. Get 2-3 pre-approvals from other lenders so you have real numbers to present.
Call the Retention Department
Don't accept what the regular rep offers. Ask to speak with mortgage retention—they have more authority to offer discounts.
Be Specific and Firm
"I've been pre-approved at 4.49% with [Lender]. I'd prefer to stay with you, but I need you to match this rate or I'll switch."
Be Willing to Walk Away
Banks know switching is easy. If they won't match, thank them and initiate your switch. Sometimes they'll call back with a better offer.
Documents Needed to Switch
Identity & Property
- Government-issued ID (2 pieces)
- Current mortgage statement
- Property tax bill
- Home insurance policy
Income & Assets
- Recent pay stubs (30 days)
- T4 or employment letter
- Notice of Assessment (NOA)
- Bank statements (90 days)
Frequently Asked Questions
Get Your Renewal Quote Today
See how much you could save with a better rate. No obligation, no pressure.