Your mortgage renewal is an opportunity to reassess your needs and explore your options. I'll help you compare your current lender's offer with available alternatives, looking at interest rates, payment options, flexibility and potential switching costs. Together, we'll review which option best suits your current circumstances and future plans.
Start early
Your lender's renewal offer often arrives only a few weeks before your term ends, which leaves little time to compare. Starting four to six months before your maturity date gives us room to look at your options without pressure.
Your options at renewal
- Renew with your current lender, ideally after comparing their offer
- Switch to another lender. There's no penalty at the end of your term
- Change your term length or move between fixed and variable
- Make a lump sum payment, or shorten your amortization to pay it off sooner
What switching involves
Since November 2024, a straight switch at renewal (same balance and amortization) doesn't require passing the stress test again. If you want to borrow more or extend your amortization, you'll need to qualify under current rules.
Some switches come with legal or appraisal costs, which some lenders will cover. If your current mortgage is registered as a collateral charge, it has to be discharged and registered again rather than simply transferred, which can add cost.
Documents for a switch
Requirements vary by lender, but usually include:
- Your renewal letter or latest mortgage statement
- Proof of income and employment
- Your most recent property tax bill
- Proof of home insurance
- A void cheque for payments
All mortgages are subject to lender approval.