How early can I start the renewal process?

Most lenders allow you to begin 120 days (4 months) before your maturity date. Starting early gives you time to rate-hold multiple offers, compare lenders side by side, and make a deliberate decision rather than scrambling under a deadline.

Will I pay any fees if I switch lenders at renewal?

Switching lenders can involve legal/notary fees, a discharge fee from your existing lender, and title insurance — typically $800–$1,500 total. We always run a full net-benefit comparison so you know exactly whether switching saves you money after all costs.

What is the difference between renewal and refinance?

Renewal keeps your mortgage at the same balance but resets the rate and term. Refinance changes the mortgage structure — you can borrow more equity, consolidate debt, change the amortization, or restructure your repayment. Refinancing before maturity typically involves a prepayment penalty.

What documents do I need for a mortgage renewal?

For a straight renewal (same lender), documentation is usually minimal. If you're switching lenders, expect to provide: recent pay stubs, T4s or NOAs, employment letter, property tax statement, current mortgage statement, and government-issued ID. Self-employed borrowers may need 2 years of business financials.

Do I need to re-qualify under the stress test at renewal?

Renewing with your existing lender typically doesn't trigger a new stress test unless you're changing the mortgage amount or amortization. Switching lenders does require re-qualification under the current stress test rate (higher of your rate + 2%, or 5.25%).

Fixed or variable rate at renewal — which is better?

It depends on your risk tolerance, income stability, and outlook on interest rates. Fixed gives you a locked payment for the entire term — ideal if you prioritize predictability. Variable has historically performed better over long periods but fluctuates with the prime rate. We'll walk through both scenarios for your situation.

Can I change my amortization at renewal?

Yes — renewal is a good time to revisit your amortization. Extending it lowers your monthly payment; shortening it increases it but reduces total interest paid. Any change may require re-qualification, especially if switching lenders.

What happens if I miss my renewal date?

If you don't act before your maturity date, most lenders will auto-renew your mortgage — usually on a short (6-month) term at a posted rate, which is typically much higher than the best available rates. This is why starting 120 days early matters.

How much can I save by shopping my renewal?

Even a 0.25% rate difference on a $500,000 mortgage saves roughly $6,000–$7,500 over a 5-year term. Clients who work with us to shop their renewal typically save $3,000–$12,000+ compared to simply signing their lender's auto-renewal offer.

Can I add a HELOC at renewal?

Yes — renewal is an excellent opportunity to add a home equity line of credit (HELOC). If you have enough equity (typically 20%+), we can structure a product that combines your mortgage with a revolving HELOC for flexible access to funds.

What is a rate hold and how does it work?

A rate hold locks in a specific rate for a set period (typically 90–120 days) while you finalize your renewal decision. If rates rise, you're protected. If rates drop, many lenders will honour the lower rate. It's a no-risk way to secure your options early.

Can I increase my mortgage amount at renewal?

Not through a standard renewal — renewals only reset the rate and term on your existing balance. To borrow additional funds, you'd need a refinance or a HELOC product, which requires re-qualification and may involve a prepayment penalty if done before maturity.

What if I have bad credit — can I still renew?

Most existing lenders will still renew you at maturity regardless of credit changes, because it's in their interest. However, your options for switching to a better rate may be limited. We work with B-lenders and private lenders for clients who need an alternative path to renewal.

Does lendsimpl charge a fee for helping with my renewal?

All applicable fees are disclosed in writing before you proceed, as required by FSRA regulations.

How long does the renewal process take with lendsimpl?

We typically gather your information and present options within 24–48 hours. From first conversation to signed renewal, most clients are done in 5–10 business days — well within the 120-day window. Starting early means you're never rushed.

Is lendsimpl better than Nesto or Butler Mortgage for a mortgage renewal in Ontario?

Nesto and Butler Mortgage are optimised for straightforward purchase mortgages for clean, simple borrower profiles. Mortgage renewal is more nuanced — it involves stress test re-qualification when switching lenders, penalty calculations if breaking early, lender-specific renewal policies, and switching cost analysis. lendsimpl (FSRA #13763) handles all of that in-house with a dedicated licensed broker. We actively monitor your rate hold and re-lock you downward if rates fall. For anything beyond a basic auto-renewal, lendsimpl's personal broker service consistently outperforms digital-only platforms.

Why should I not just sign my bank's renewal offer?

Your bank's auto-renewal offer is almost never their best rate — it is their posted rate, sent knowing that most homeowners sign without shopping. On a $500,000 mortgage, accepting a rate that is even 0.30% higher than the best available costs you $7,500+ over a 5-year term. lendsimpl (FSRA #13763) compares 50+ lenders in hours and gives you a real alternative to weigh. You may stay with your current lender — but with a better rate. Or we'll switch you to a lender who wants your business. Either way, you win.

What mortgage renewal rates can lendsimpl get in Ontario in 2026?

In 2026, Ontario mortgage renewal rates for well-qualified borrowers start near 3.99% for insured 5-year fixed terms and around 4.45% for variable rates. Uninsured renewals (homes valued above $1M or refinances) carry a small premium. lendsimpl accesses wholesale renewal rates from 50+ lenders including banks, monolines, credit unions, and B-lenders — rates not available to the public directly. Contact lendsimpl (FSRA #13763) to compare your current lender's offer against the full market.

My mortgage renews in 60 days — is it too late to switch lenders?

Not at all. 60 days is enough time to shop, compare, and switch to a new lender at renewal. lendsimpl (FSRA #13763) can present you with competing offers within 24–48 hours and manage the switch with your chosen lender before your maturity date. Do not sign your current lender's offer yet — bring it to lendsimpl first. Most clients save $3,000–$12,000+ over a 5-year term by shopping. Call +1-416-299-6096 immediately.

My lender sent an early renewal offer 5 months out — should I sign it?

Do not sign early renewal offers without comparing. Lenders send early renewal offers because they know most homeowners sign without shopping — and early offers are rarely their best rate. You are entitled to shop freely during your renewal window (typically 120 days before maturity) without any penalty. Bring the offer to lendsimpl. We compare it against 50+ lenders. You may stay with your lender — but negotiate the rate down first.

I got a great rate on my mortgage 5 years ago — what will my renewal look like in 2026?

Most mortgages renewing in 2026 were locked at COVID-era rates of 1.5–2.5%. Current 5-year fixed renewal rates are approximately 3.99–4.39% — a significant increase in payment. On a $500,000 mortgage, the difference between 2.0% and 4.2% is approximately $490/month. lendsimpl helps you choose the right term length and structure to minimize long-term rate exposure as the Bank of Canada continues its easing cycle.

Can I add money to my mortgage at renewal to cover renovations or debt?

A standard renewal only resets your rate and term — it does not change your mortgage balance. To borrow additional funds, you need a refinance (up to 80% LTV) or a HELOC (up to 65–80% LTV). lendsimpl can combine your renewal shopping with an equity access assessment — often. Some lenders allow a blended refinance at renewal that avoids a separate prepayment penalty.

My credit has worsened since I first got my mortgage — can I still renew?

Yes. Your existing lender is typically required to renew you at maturity regardless of credit changes — they cannot demand repayment simply because your score dropped. However, your options for switching to a better-rate lender may be limited. lendsimpl works with B-lenders and private lenders to find the best available rate for your current credit profile, and builds a credit improvement plan so you're in a stronger position at your next renewal.

Mortgage renewal done better.

Name: lendsimpl
Address: 3852 Finch Ave E #209, Scarborough, ON, M1T 3T9, CA
Telephone: +1-416-299-6096
Rating: 5.0

Over 1 million Canadian mortgages renew every year. Most homeowners accept the first offer. lendsimpl compares 50+ lenders so you renew at the lowest available rate — penalty-free.

Get My Options Call (416) 299-6096

5.0 on GoogleFSRA Licensed Brokerage #13763Serving all of Ontario

Step 1 of 3

Where are you at right now?

Takes about 30 seconds · Free · No obligation

Live Rates

Today's best renewal rates

Popular Choice

5-Year Fixed

Most competitive

4.69% per year

Best rate across 40+ lenders. Most popular renewal term for payment certainty.

Get My Options

3-Year Fixed

Shorter commitment

4.89% per year

Renew sooner — popular with those expecting rates to fall.

Get My Options

5-Yr Variable

≈ 6.35% now

Prime - 0.65% per year

Tracks Bank of Canada prime rate. Lower if rates continue dropping.

Get My Options

Rates are illustrative. OAC. Subject to change without notice. Based on purchases 65% LTV, amortized 25 years.

Renewal in 5 steps

From checking your maturity date to signing the best available rate — here's how it works.

Find Your Maturity Date

Check your mortgage statement or call your lender. Mark it in your calendar and set a reminder 4 months out.

Consult a Broker

Contact lendsimpl for a no-pressure review. We pull the best rates available 120 days before maturity.

Submit Documents

Provide pay stubs, T4/NOA, mortgage statement, and property tax bill. We do all lender communications.

Compare & Rate Hold

We present your offers side-by-side. Choose your lender and lock in a rate for up to 120 days.

Sign & Complete

Review your commitment letter, complete any legal steps, and your renewal goes live on maturity day.

Ready to see what your file qualifies for?

Start the comparison, or ask a question first.

Get My Options

Your Options

Renewal options

When your mortgage matures, you have more choices than just signing the renewal slip. Here are five strategic paths available to you.

Fixed Rate Renewal

Lock in your rate for 1–5 years. Fixed payments mean complete predictability — ideal when rates are expected to rise or when budgeting stability matters most.

Rate Sensitive

Variable Rate Renewal

Your rate moves with the Bank of Canada prime rate. Historically saves money over full amortization periods but requires tolerance for payment fluctuation.

Penalty-Free

Switch Lenders

Transfer your mortgage to a competing lender at maturity at no cost to you. Best opportunity to access rates your current lender won't match — compare 50+ lenders.

Access Equity

Refinance at Renewal

Combine your renewal with a refinance to borrow additional equity for renovations, investment, or debt consolidation — leveraging the fact you're already re-qualifying.

Flex Access

Add a HELOC

Pair your renewed mortgage with a revolving Home Equity Line of Credit. Requires 20%+ equity. Access funds as needed without reapplying — useful for large ongoing expenses.

Pay Down Faster

Shorten Your Term

Choose a 1–3 year term to reaassess sooner — useful if you expect rates to fall or plan to sell. Shorter terms trade rate certainty for flexibility.

5.0 on Google

Verified reviews

5,000+

Renewals Completed

$80M+

Saved for Clients

FSRA

Licensed #13763

What sets your rate

Six things that move your number more than the headline does.

Two borrowers can walk into the same lender on the same day and be quoted very differently. These are the inputs that decide which of you gets which number.

Insured vs. uninsured

A mortgage with default insurance carries less lender risk, so it generally prices below an uninsured one. Insurance is required under 20% down, and homes at $1.5M or more can't be insured at all.

Credit profile

Most A-lenders want a score in the low 600s or better for their standard pricing; the sharpest pricing tiers generally sit higher. Below that, alternative and private lenders price differently.

Loan-to-value

How much you're borrowing against the property's value. It sets the lender tier you qualify for, and it often moves pricing within a tier too.

Income type

Salaried T4 income is the simplest to document. Self-employed, commission and rental income can still qualify at A-lender pricing, but the documentation path is different.

Property and occupancy

Owner-occupied, rental, second home, rural, condo, multi-unit — each carries its own lender appetite and its own pricing.

Term and rate type

Fixed follows Government of Canada bond yields. Variable follows bank prime, which moves with the Bank of Canada. Shorter terms and longer terms rarely price the same.

Not sure which tier your file lands in?

That's the first thing we check — before any number is quoted.

Get My Options

Compare Paths

Switch at Renewal Stay vs.

Factor	Stay with Bank	Switch via Broker
Rate competitiveness	Posted / renewal rate	Best available market rate
Lenders compared	1 (your bank)	50+
Switching cost	None	$800–$1,500 legal/admin
Our service	N/A	None (paid by lender)
Re-qualification	Usually none	Stress test required
Rate hold available	120 days (varies)	120 days (most lenders)
Approval speed	Immediate (no docs)	24–72 hrs
Savings potential	None vs. bank posted	$3,000–$12,000+ over 5 yr

Do I qualify?

Renewal qualification

Staying with your current lender at renewal usually requires no re-qualification. Switching lenders means a fresh stress test — but lendsimpl makes this simple.

Employment & Income

Salaried, self-employed, rental income, or pension — we match you to lenders whose income guidelines fit your situation.

Credit Score

Ideal score is 650+. We also work with B-lenders and private lenders for clients rebuilding credit.

Equity & Property Value

A standard renewal requires no equity top-up. If switching, your LTV must remain under 80% (insured borrowers may differ).

Stress Test (if switching)

You must qualify at the higher of your contract rate + 2%, or 5.25%. We pre-screen you against multiple lenders to confirm fit before you apply.

Documents for Renewal

Recent pay stubs (2 most recent)Required

T4 or NOA — last 2 yearsRequired

Employment letterRequired

Current mortgage statementRequired

Property tax statementRequired

Government-issued IDRequired

Business financials (self-employed)If applicable

Rental income leasesIf applicable

Get My Options

By the numbers

Real results for renewal clients across Ontario

5,000+

Renewals Completed

Across Ontario

$80M+

Client Savings

vs. bank posted rates

50+

Lenders Compared

Every renewal

5 ★

Google Rating

Verified reviews

FSRA Licensed Brokerage #13763Mortgage Architects NetworkDLCG Mortgage Group

Client reviews

Ontario homeowners who renewed with us.

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 · 5 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 · 6 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 · 6 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 · 7 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.”

Google review · 7 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 · 9 mo ago

Calculators

Crunch the numbers with our calculators

Every tool is instant, and requires no sign-up.

Renewal Savings Calculator

Compare your bank's renewal rate vs. lendsimpl's best rate. See total savings over your full term.

Learn more

Mortgage Payment Calculator

Model any principal, rate, and amortization to see your monthly payment.

Learn more

Prepayment Penalty Estimator

Estimate the cost of breaking your mortgage early before your maturity date.

Learn more

Fixed vs Variable Comparison

Run fixed and variable side by side over 5 years based on your balance and outlook.

Learn more

Mortgage Affordability

Determine how much mortgage you qualify for based on income and down payment.

Learn more

Payment Shock Calculator

See how much your monthly payment changes when you renew at a higher rate.

Learn more

Mortgage Renewal FAQs

Answers to the most common renewal questions Ontario homeowners ask.

Have a question we didn’t answer?

416-299-6096 hello@lendsimpl.ca

Tissa Ratnayake, lendsimpl mortgage broker

Our licensed broker team is happy to help.

Yes — renewal at maturity is the one time you can switch lenders completely penalty-free. There's no break fee, no prepayment penalty. You may encounter minor legal and registration costs, but we compare those against your projected savings upfront.

Still have questions?

Straight answers, no pressure.

Get My Options

Ready to renew at the best available rate?

Start 120 days early. Compare 50+ lenders. Save thousands. It costs nothing and takes 20 minutes.

Every fee that applies to your file is disclosed in writing before you proceed.

Get My Options

hello@lendsimpl.ca(416) 299-6096

Or, prefer to just grab a time yourself?

No forms, no waiting on a callback — pick a slot for a 15-minute call with a licensed broker directly below.

lendsimpl

Licensed Ontario Mortgage Broker

Renewal & Refinance

30 min appointmentPhone call

Hello — I look forward to connecting with you. Tell us a bit about your situation and we'll walk through your options.

Anything we should know? (optional)

Want current pricing for your file?Want your rate?

Get My Options

Mortgage renewal done better.

Where are you at right now?

5-Year Fixed

3-Year Fixed

5-Yr Variable

Renewal in 5 steps

Find Your Maturity Date

Consult a Broker

Submit Documents

Compare & Rate Hold

Sign & Complete

Renewal options

Fixed Rate Renewal

Variable Rate Renewal

Switch Lenders

Refinance at Renewal

Add a HELOC

Shorten Your Term

Six things that move your number more than the headline does.

Insured vs. uninsured

Credit profile

Loan-to-value

Income type

Property and occupancy

Term and rate type

Switch at Renewal Stay vs.

Renewal qualification

Documents for Renewal

Real results for renewal clients across Ontario

Ontario homeowners who renewed with us.

Crunch the numbers with our calculators

Renewal Savings Calculator

Mortgage Payment Calculator

Prepayment Penalty Estimator

Fixed vs Variable Comparison

Mortgage Affordability

Payment Shock Calculator

Mortgage Renewal FAQs

Related mortgage solutions

Mortgage Refinancing

Buy a Home

HELOC

Private Mortgage

First-Time Buyer

Debt Consolidation

Ready to renew at the best available rate?

Or, prefer to just grab a time yourself?

Renewal & Refinance