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.
On a $500,000 mortgage, the difference between 4.99% and 5.19% feels small—but over a 5-year term, it adds up to thousands in extra interest. The rate number is just the headline. What matters is the total interest you actually pay over your term—and that depends on amortization, payment frequency, and prepayment options your bank might not mention.
A broker doesn't just find a rate. We find the structure that saves you the most money overall.
That ultra-low rate might come with restrictive penalties, limited prepayment privileges, or a breakage fee that costs you more than the savings. A "no-frills" mortgage at 4.89% could end up costing you more than a flexible one at 5.09% if life throws you a curveball—job change, sale, refinance, or early payout.
We compare the full picture—rate, penalties, terms, and flexibility—so you don't get trapped by fine print.
Reach out to your mortgage broker 4 months early. We'll lock in a rate hold to protect you if rates rise, and start shopping dozens of lenders on your behalf—while you do nothing.
Your broker compares rates, terms, and penalties across 30+ lenders—including options your bank will never show you. We present the best options with a clear side-by-side breakdown.
Your bank must send a renewal offer at least 21 days before maturity. Bring it to us—we'll compare it against what we've already secured and tell you exactly whether it's worth staying or switching.
If switching saves you money, we manage the entire process—paperwork, legal coordination, and lender communication. You sign where we tell you, and that's it.
Your new term is locked in at the best available rate and terms. We'll set a reminder to reach out again 120 days before your next renewal—so you never overpay again.
For a straightforward switch (same balance, no changes), the new lender typically covers:
Every lender application triggers a hard credit inquiry. Apply to 3 lenders yourself and that's 3 hits to your score. When your credit utilization is already high, the damage is even worse — and a lower score means higher rates. It's a vicious cycle.
When your broker submits to multiple lenders, it's treated as a single mortgage inquiry. You get access to 30+ lenders without the credit score damage of doing it yourself.
Banks know most people won't shop around because it's complicated and risky. That's why their first renewal offer is almost never their best. Your broker knows their playbook — and negotiates from a position of strength.
You don't call retention departments or play hardball. Your broker presents competing offers, negotiates the best terms, and handles the switch if your bank won't budge. You just sign.
Compare your bank's renewal offer against broker rates and see exactly how much you could save.
The rate from your bank's 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.
If you don't respond to your renewal offer, most banks will automatically renew you into a similar term at their posted rate—which is almost always higher than what you could negotiate or get elsewhere. Never let this happen.
Yes, you'll need to meet the new lender's qualification criteria, including the stress test. However, if you've maintained good payment history and stable income, this is usually straightforward. If you can't qualify, staying with your current lender may be easier.
If staying with your lender, you typically can't extend amortization beyond what's remaining. If switching, you may be able to reset to 25 or 30 years if you qualify—but this means paying more interest over time. Shortening amortization is always possible.
A straightforward switch typically takes 2-3 weeks. This includes approval, legal documentation, and coordination between lenders. Start early to avoid rushing—aim to have everything finalized at least 7 days before your renewal date.
You've secured the right rate. Now discover how smart Canadians are using their mortgage to build wealth and eliminate debt years faster.
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Make Your Mortgage Tax-Deductible
Every mortgage payment you make unlocks borrowing room for income-producing investments. The Smith Manoeuvre systematically converts your non-deductible mortgage into tax-deductible debt—legally.
See Your Savings in Black and White
Run the numbers yourself. Our calculator shows exactly how much faster you can pay off your mortgage and how much you'll save in taxes over the life of your loan.
See how much you could save with a better rate. No obligation, no pressure.
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