Mortgage renewal
done better.

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.

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.

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.

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.

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.

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%).

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.

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.

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.

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.

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.

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.

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.

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.

No. Our mortgage brokers are always at . There is , and no obligation. You get professional advice, full market access, and 50+ lender comparisons at .

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.