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.
Stop Obsessing Over the Rate.
Start Looking at What You Actually Pay.
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.
The Best Rate Isn't Always the Lowest Rate.
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.
Your Renewal Timeline
120 Days Before: Contact Your Broker
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.
90 Days Before: We Shop, You Relax
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.
21 Days Before: Review Your Bank's Offer With Us
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.
14 Days Before: We Handle the Switch
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.
Renewal Date: New Term Begins
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.
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)
Why You Shouldn't Negotiate With Your Bank Alone
Shopping Around Hurts Your Credit Score
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.
A Broker Shops for You With One Inquiry
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.
Your Bank Is Counting on You Not Knowing This
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.
We Handle the Negotiation and the Paperwork
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.
Calculate Your Renewal Savings
Compare your bank's renewal offer against broker rates and see exactly how much you could save.
Your Renewal Details
Rate Comparison
The rate from your bank's renewal letter
Current best rate from mortgage brokers
Your Savings
Rate Difference
0.61%
Bank Payment
$2,181
Broker Payment
$2,048
5-Year Term Comparison
Bank
Total Interest
$87,849
Broker
Total Interest
$79,869
Balance After Term
$307,484
Balance After Term
$306,981
*No obligation. Switching at renewal is typically free.
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
Your Renewal Is Just the Beginning
You've secured the right rate. Now discover how smart Canadians are using their mortgage to build wealth and eliminate debt years faster.
Cash Damming Strategy
Turn Rental Income Into a Tax Machine
Own a rental property? Cash damming redirects your rental income to crush your personal mortgage while making investment debt tax-deductible. It's the CRA-approved strategy most Canadians have never heard of.
Explore StrategyThe Smith Manoeuvre
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.
Learn HowCash Damming Calculator
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.
Try the CalculatorGet Your Renewal Quote Today
See how much you could save with a better rate. No obligation, no pressure.