Mortgage Renewal & Switching in Canada — Don't Just Sign
Why to shop your mortgage renewal instead of signing the first offer, how switching lenders works, and the 2024 stress-test exemption for uninsured switches at renewal.
Your renewal is a chance to course-correct. We work to land you a better rate
better terms — and make sure your mortgage is actively helping you reach your financial goals, not just rolling over for another term.
Don't auto-sign — see what's really out there
Your lender's renewal letter is rarely their sharpest offer. Before you sign, we make sure it's actually the right move:
We review your renewal offer and find you a better option — for free
We align the term and structure with your financial goals
If switching wins, we handle it — often at no cost to you
Starting your renewal process early gives you leverage and more options to secure the best deal.
Lock in today's rate for up to 120 days, protecting you from rate increases.
Use competing offers to negotiate better terms with your current lender.
Avoid last-minute pressure and have time to review all your options carefully.
Here's what to expect as your renewal date approaches.
Start shopping for rates. We'll analyze your current mortgage and explore all available options.
We find your best option and lock in the rate. This gives you maximum protection against rate increases.
Finalize your decision. Complete paperwork and prepare for the transition if switching lenders.
Your new mortgage terms take effect. Enjoy your lower rate and improved terms!
Get answers to frequently asked questions about mortgage renewal and switching.
Do I have to renew with my current lender?
No! You have the freedom to switch to any lender. Many homeowners save thousands by shopping around at renewal time.
Switching lenders at renewal typically has minimal impact on your credit score. The inquiry is considered a normal part of shopping for the best rate.
What if I want to change my mortgage amount?
Renewal time is perfect for refinancing. You can access equity for renovations or investments while securing a new rate.
Savings vary, but even a 0.5% rate difference can save you thousands over your term. We'll calculate your exact savings potential.
See how much you could save by switching lenders or negotiating a better rate at renewal.
Don't Accept Your Renewal Offer Without Talking to Us
We'll review your renewal offer and show you how much you could save. It's free, with no obligation.
Don't auto-sign your renewal offer. RateStreet, a Canadian mortgage company, helps you get a better renewal — start 120 days early, and switching is free.
Frequently asked questions
Should I just sign my mortgage renewal offer?
Not automatically. A lender's first renewal offer is rarely their best, and comparing the market at renewal is where most savings are found. Educational information, not advice.
Can I switch lenders when my mortgage renews?
Yes. A switch or transfer moves your existing balance to a new lender at renewal, often without refinancing or increasing the amount. Educational information, not advice.
Do I have to pass the stress test to switch lenders at renewal?
As of 2024, a straight switch of an uninsured mortgage at renewal is generally not required to re-qualify under the stress test, provided the loan amount and amortization do not increase. Educational information, not advice.
When should I start on my mortgage renewal?
About four to six months before maturity. Many lenders offer rate holds, so starting early lets you lock a rate while you compare. Educational information, not advice.
Free mortgage calculators
Get started · Book a call with a licensed broker · 1-888-728-3787
