Don't let your bank pick your next mortgage for you.
When your term ends, your bank sends you a renewal offer. They're counting on you to sign without shopping. We'll show you what you're actually leaving on the table.
Book a Discovery Call
What you need to know about renewals
You can switch lenders
At renewal, you're no longer locked in. Switching to a new lender costs nothing and could save you thousands over the new term.
Early renewal is sometimes smart
If rates are dropping, it may make sense to break your mortgage early and renew now. We calculate the penalty vs. savings so you know if it's worth it.
The stress test applies again
If you switch lenders at renewal, you'll need to re-qualify under the stress test. If your situation has changed, we'll know which lenders are most likely to approve.
Start 4 months early
Most lenders let you lock in a rate 120 days before renewal. If rates rise, you're protected. If they drop, you renegotiate.
Where renewal clients leave money behind
Renewal is one of the biggest financial decisions most homeowners make — and most people spend less than 10 minutes on it. Here's what that typically costs them.
Signing the renewal letter without shopping
Your bank's renewal offer arrives 120 days before maturity. It's rarely their best rate — they're counting on convenience and inertia. Mortgage brokers consistently negotiate better terms because lenders compete for the business.
Waiting too long to start
If your term ends in 60 days, your options are significantly narrower. Starting at 120 days gives you a rate hold for protection, room to negotiate, and time to switch lenders if the deal is right.
Assuming switching lenders is complicated
At renewal, there's no penalty to leave. We handle all the paperwork. Most clients are surprised by how simple the process is — often just a few documents and a signature.
How we work with renewal clients
We look at your current mortgage, remaining balance, and what your bank is offering you at renewal.
We compare your bank's offer against 50+ lenders to find the best available rate and terms for your situation.
Stay with your lender (renegotiated) or switch — we show you the real cost difference over the full term.
We handle all the paperwork. Switching lenders at renewal is simpler than most people expect.
3 things renewal clients get wrong
These beliefs keep homeowners from getting better rates at every renewal. Let's correct the record.
"My bank will give me their best rate at renewal."
Banks consistently save their best rates for new customers. Existing clients who sign without shopping often pay 0.25–0.50% more than they need to. On a $400,000 mortgage, that's roughly $5,000 over a 5-year term — for a 10-minute call.
"Switching lenders means restarting from scratch."
At renewal, you're not locked in. Switching lenders is straightforward — it's basically just paperwork. Many lenders even cover legal and administrative costs to attract switchers. We check this before recommending a switch.
"The stress test will make it hard to move."
The stress test does apply when you switch lenders at renewal. But we run your numbers before we recommend a switch. If you qualified for your original mortgage, you'll almost always pass the stress test at a similar or lower rate.
Thinking of switching early?
If you're mid-term and considering a better rate, this estimates the break penalty. We'll compare it against your potential savings to see if switching early makes sense.
Common questions at renewal
When should I start thinking about my renewal?
At least 4 months (120 days) before your term ends. Most lenders allow you to lock in a rate that far ahead. If rates rise before your renewal date, you're protected. If they drop, we renegotiate. Starting early gives you options — waiting until the last minute doesn't.
Does switching lenders at renewal cost anything?
Usually nothing out of pocket. Many lenders cover legal and administrative fees to attract switchers at renewal. We confirm this before recommending a switch. At worst, you might pay a small legal fee — but the rate savings almost always outweigh it.
Will I need to get my home re-appraised?
Not always. Many lenders use automated valuations at renewal, especially if your loan-to-value is comfortable. We check your specific situation before you commit to anything.
Can I change my payment frequency or amortization when I renew?
Yes — renewal is an ideal time to reset your mortgage terms. We often find ways to reduce your amortization, switch to accelerated bi-weekly payments, or adjust prepayment privileges. Small changes at renewal can save tens of thousands over the life of your mortgage.
Ready to talk? Meet our team.
When does your mortgage come up for renewal?
Book a call. We'll look at your current terms, run the numbers, and tell you exactly what your options are.
Book a Discovery Call