Brokerage #13763
Your bank's renewal letter is one offer. Compare it with options from 50+ lenders before you sign, and see what switching would really cost.
5.0 on GoogleWhere are you at right now?
No obligation
$1.5M or more, or 30-year amortization
3.89% per year
Rates as of September 24, 2026. Illustrative example, not a quote. Your actual rate depends on your credit profile, loan to value, income type and property.
Share when your term ends and who your lender is.
One document tells us most of what we need.
We compare options across 50+ lenders and explain each in plain English.
Many lenders let you hold a rate for up to 120 days.
We support you through to closing. If you switch, we show the costs next to any savings first.
5.0 on Google
Verified reviews
50+
Lenders compared
Up to 120 days
Rate hold with many lenders
30 minutes
Call with a licensed broker
5.0/5 average rating on Google
“Damien Atapattu made my mortgage process completely stress‑free. He prepared all documents ahead of time and clearly understands lender, lawyer, and appraisal requirements. A friendly, energetic professional who gets results.”
Aruna Bandaranayake
Google review · 6 mo ago
“Highly recommend! Damien took a lot of time to explain the terms thoroughly. He is very knowledgeable and trustworthy. Looking forward to working with him again!”
Tommy Ravindran
Google review · 7 mo ago
“Shamal was amazing throughout the whole process. He is very helpful, knowledgeable and patient. If you need a good reliable mortgage broker he is the guy! He will find you the best solution.”
Avy Loc
Google review · 8 mo ago
“Highly recommend. Damien was excellent throughout everything. Walking us through everything step by step. He was extremely well prepared and well versed in everything we needed to get a mortgage at a great rate.”
John Abraham
Google review · 8 mo ago
“I had a great experience working with Damien. He helped me secure a very competitive mortgage rate through Scotiabank and made the entire process smooth and stress-free. He was knowledgeable, transparent, and always quick to respond to my questions. I highly recommend him.”
Rz
Google review · 8 mo ago
“I approached lendsimpl for some financing and was amazed at the quality and time frame of service. Within a matter of days my deal was completed. Thanks to Damien and the team for expediting my business so efficiently. I highly recommend them for your financing needs. Five stars from us.”
Sunrise Meadows
Google review · 11 mo ago
Many lenders let you hold a rate for up to 120 days.
Many Canadians are renewing mortgages that were set at lower rates, so the payment at renewal can be different from the payment today. Comparing your options before you sign helps you see what your new payment could look like and what choices you have.
Your existing lender's renewal offer is a starting point, not a final answer. Here is what changes when you compare.
50+ lenders compared
Your bank's renewal letter is one offer. We bring you others to compare.
A lender may improve an offer when it sees a competing one. Results vary by lender and file.
If you switch, discharge, legal and appraisal costs can apply. We show them next to any savings before you decide.
FSRA licence #13763
We are licensed and regulated by FSRA (Brokerage #13763), required to disclose fully and act in your interest.
No obligation · Personalized comparison
Get My OptionsThis window lets you hold a rate, compare multiple lenders, and make a calm, informed decision.
Get My OptionsFive clear steps. Plain English from start to finish. We guide you through the entire renewal process so you feel confident at every stage.
Having these ready helps your renewal, especially when switching lenders.
In Toronto and the GTA, larger mortgage balances make it worth comparing your renewal options. We help GTA homeowners navigate rate type, lender choice, and term with local expertise and live market access.
Know exactly when to act. The earlier you start, the more lender options you have.
Contact lendsimpl to begin comparing options from 50+ lenders and ask about a rate hold. More time means more informed decisions.
Receive your lender's renewal letter. Hold off signing until you have compared. Review it against other options first.
Select your new lender or confirm with your existing one. Negotiate terms, prepayment privileges, and rate with broker support.
A lender switch usually involves a lawyer or notary. A same-lender renewal often does not.
Both can happen at your maturity date. Understanding the difference helps you choose the right path.
| What changes | Renewal | Refinance |
|---|---|---|
| What changes | Rate and term, same balance | Balance, rate, term or amortization |
| Equity access | No | Yes |
| Prepayment penalty | Usually none at maturity | Often applies if done before maturity |
| Switching lenders | Possible at maturity, with moving costs | Possible, with costs |
| Qualification | Minimal with the same lender, new approval if you switch | Full qualification |
Homeowners who prioritize payment stability and peace of mind over the term.
Pros
Cons
Borrowers with financial flexibility who can absorb payment movement over time.
Pros
Cons
Not sure which to pick? Talk to a renewal expert.
Knowing these in advance helps you avoid them.
The mailed offer is a starting point. Comparing it with other lenders shows whether it fits you.
Waiting until the last month can cut your rate-hold window, your lender choices and your time to gather documents.
The right rate type depends on your income, payment flexibility and the current rate cycle.
At the end of your term you can usually switch lenders without a prepayment penalty, so compare before you stay.
The rate is not the only number. Prepayment privileges, penalty calculations and portability matter if your plans change.
Renewal is a natural time to ask about adding a home equity line of credit, because there is usually no prepayment penalty at maturity.
Some lenders register your mortgage as a collateral charge, which can make switching lenders more involved. Ask which type you have.
Your renewal rate may differ from your original rate, so run the numbers on your new payment before you decide.
lendsimpl walks you through every decision, rate type, lender comparison, term strategy, and paperwork. Licensed & Confidential.
Get Expert Renewal HelpEnter your current mortgage details and compare renewal offers side-by-side. See whether switching lenders makes sense after penalties, fees, and rate differences.
Penalty vs. Savings Analysis, Instant side-by-side comparison
Open Renewal CalculatorOur calculators give you clear numbers on savings, payments, and costs, so you walk into your renewal fully prepared.
Renewal is not the right fit for every homeowner. Depending on your goals, one of these may serve you better.
Answers to common renewal questions.
Have a question we didn't answer?
Our licensed broker team is happy to help.
At maturity you can usually switch lenders without a prepayment penalty, because your term has ended. Switching can still involve costs such as legal and discharge fees, and your new lender may require you to qualify again. We compare the potential savings with those costs before recommending a switch.
Many lenders let you start up to 120 days before your maturity date and hold a rate for up to 120 days. Starting early gives you time to compare options and make a calm decision.
Take time to review it before you sign. The letter is one offer, and comparing it with other lenders shows whether it fits your situation. Any fee that applies to your file is disclosed in writing before you commit.
If you do nothing, many lenders move your mortgage to an open term or a short-term arrangement, often at a higher rate. Check your renewal letter and contact your lender, or us, before your maturity date.
If you renew with your current lender, you usually do not need to re-qualify. If you switch to a new federally regulated lender and keep the same balance and remaining amortization, with no equity taken out, many switches no longer need to pass the stress test. If you borrow more or extend your amortization, you will generally need to qualify at the higher of your contract rate plus 2 percentage points or 5.25%. Conditions apply, and credit unions and other lenders have their own rules.
A fixed rate stays the same for the term, which makes payments predictable. A variable rate moves with the lender's prime rate. Which suits you depends on your income stability, your balance and how much change you can absorb. Many variable mortgages carry three months' interest to break, while fixed mortgages can carry the greater of three months' interest or an interest rate differential.
In many cases, yes. If you renew with your current lender, your income type and credit usually matter less. If you switch, the new lender will review them. Alternative lenders look at self-employed income and credit differently than banks, with different costs and trade-offs, and we explain your options before you decide.
Renewal resets your rate and term on the same balance. A refinance changes the mortgage, for example to borrow against your equity or consolidate debt, and may carry a prepayment charge if you do it before maturity. At maturity you can usually refinance without a prepayment penalty.
Still have questions?
Talk to a licensed broker.
Our FSRA-licensed mortgage brokers help homeowners renew and compare across cities in Ontario.
Our FSRA-licensed mortgage brokers help homeowners renew and compare across cities in Ontario.
Not sure if we serve your area? Get in touch, we cover all of Ontario.
Start about 120 days before your maturity date. Many lenders allow a rate hold of up to 120 days, and starting early gives you time to compare options and gather documents.
Renewing with your current lender is usually simple. Switching can open up other options, and costs such as legal and discharge fees are shown against any savings before you decide.
A fixed rate stays the same for the term. A variable rate moves with prime. Compare the payment, the penalty to break and how much change you are comfortable with.
A rate hold lets a lender reserve a quoted rate for a set period, and many lenders allow up to 120 days. It is not a commitment to proceed. Policies differ, so ask whether you would get a lower rate if rates fall before closing.
At renewal you can usually ask to change your amortization. Extending it lowers your payment but increases the total interest. Shortening it raises your payment and reduces the total interest.
At maturity there is usually no prepayment penalty, so renewal can be a practical time to look at adding a HELOC or consolidating higher-interest debt into your mortgage. A HELOC can generally go up to 65% of your home's value, and up to 80% combined with your mortgage. The right choice depends on your equity and goals.
If you own a Toronto condo and switch lenders, the new lender may ask for a condo status certificate. Request it early.
Renewing or switching lenders does not trigger Ontario or Toronto land transfer tax. Those apply when ownership changes.
Start a few months before your term ends. No pressure, no commitment, just a clear conversation about your mortgage, your budget, and your life.
Hello: I look forward to connecting with you. Tell us a bit about your situation and we'll walk through your options.