3852 Finch Ave E #209, Scarborough, ON M1T 3T9, Canada
Brokerage #13763
- Home
- Our Story
- Real Results
- How It Works
- Resources
- Join Our Team
- Calculators
- Mortgage Solutions
Brokerage #13763
Your lender's renewal offer is one option among many. lendsimpl compares 50+ lenders so you can see your choices before maturity. At maturity there is usually no prepayment penalty to leave.
5.0 on GoogleWhere are you at right now?
No obligation
5-year variable
4.04% 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.
From checking your maturity date to signing your new term, here's how it works.
Check your mortgage statement or call your lender. Mark it in your calendar and set a reminder 4 months out.
Contact lendsimpl for a review of your options. Many lenders let us start up to 120 days before maturity.
Provide pay stubs, T4/NOA, mortgage statement, and property tax bill. We handle the communication with lenders.
We present your offers side-by-side. Choose your lender and lock in a rate hold, up to 120 days with many lenders.
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.
When your mortgage matures, you have more choices than just signing the renewal slip. Here are the four main paths.
Lock in your rate for 1 to 5 years. Your payment stays predictable for the whole term, which suits you if steady budgeting matters most. A shorter term lets you reassess sooner, with less rate certainty.
Your rate moves with your lender's prime rate. Payments or the interest portion can change during the term, so it suits you if you are comfortable with some movement.
Move your mortgage to a different lender at maturity. Switching can involve legal, appraisal or discharge costs. Any fee that applies to your file is disclosed in writing before you commit. This is a chance to access pricing your current lender may not match.
5.0 on Google
Verified reviews
50+
Lenders compared
Up to 120 days
Rate hold with many lenders
#13763
FSRA Licensed
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.
A mortgage with default insurance carries less lender risk, which can put it in a lower pricing tier than an uninsured one. Insurance is required with a smaller down payment, and higher-priced homes can't be insured at all.
Stronger credit and easy-to-document income generally open stronger pricing at A-lenders. Self-employed, commission and rental income can still qualify, but the paperwork is different. B-lenders and private lenders price differently.
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.
Owner-occupied, rental, condo or rural properties each carry their own lender appetite. Fixed rates follow bond yields and variable rates follow prime, so different 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.
| Factor | Stay with Bank | Switch via Broker |
|---|---|---|
| Rate competitiveness | The rate your lender offers | Rates compared across our lender network. Rates depend on your file. |
| Lenders compared | 1 (your bank) | 50+ |
| Switching cost | None | Possible legal, appraisal or discharge costs |
| Fees | Depends on your lender | Any fee that applies to your file is disclosed in writing before you commit. |
| Re-qualification | Usually none | Usually not required for a straight switch at a federally regulated lender (same balance and amortization) |
| Rate hold available | Up to 120 days (varies) | Up to 120 days with many lenders |
| Outcome | Depends on your offer | Depends on the rate gap, your balance and any costs |
Staying with your current lender at renewal usually requires no re-qualification. A straight switch, with the same balance and amortization, usually does not need the stress test at federally regulated lenders. If you increase the loan or extend the amortization, it can apply.
Employment & Income
Salaried, self-employed, rental income, or pension; we match you to lenders whose income guidelines fit your situation.
Credit Score
A-lenders generally prefer stronger credit. B-lenders and private lenders are more flexible on credit score, so a lower score does not rule out a renewal.
Equity & Property Value
A standard renewal usually needs no equity top-up. Lenders generally cap uninsured mortgages at a share of your home's value. Insured mortgages follow different rules.
Stress Test
A straight switch is generally exempt. If you borrow more or extend the amortization, you qualify at a rate higher than your contract rate. We pre-screen your file against several lenders before you apply.
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
Run the numbers yourself. No sign-up needed.
Compare your lender's renewal offer with another rate and see the difference over your term.
Learn moreEstimate the cost of breaking your mortgage early before your maturity date.
Learn moreRun fixed and variable side by side over 5 years based on your balance and outlook.
Learn moreAnswers to the most common renewal questions Ontario homeowners ask.
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. Legal, appraisal or discharge costs may apply depending on the lenders involved. Any fee that applies to your file is disclosed in writing before you commit.
Many lenders let you secure a renewal rate up to 120 days before your maturity date. Starting early gives you time to compare options and decide without a deadline.
It depends. For a straight switch (same balance and remaining amortization, no equity take-out) to a federally regulated lender, the stress test generally no longer applies. A higher balance, a longer amortization or a refinance may still be stress-tested. Staying with your current lender usually involves no new qualification unless the terms change. We confirm what applies to your file.
A renewal keeps your balance and sets a new rate and term at maturity. A refinance changes the mortgage, for example to borrow more, consolidate debt or change the amortization, and a penalty may apply if you refinance before maturity.
It depends on your budget, how much payment certainty you want and your plans for the term. A fixed rate keeps your rate and payment the same for the term. A variable rate moves with prime. Penalties also differ: many variable mortgages carry three months' interest, while fixed mortgages carry the greater of three months' interest or the interest rate differential. We compare both for your situation.
Many lenders renew your mortgage automatically, often at their posted rate, which may be higher than rates available elsewhere. Acting before your maturity date keeps your options open.
Your current lender may renew you at maturity even if your credit has changed, but its offer may be one of few options. Alternative and private lenders assess files differently, and each comes with different costs and trade-offs. We explain your options before you decide.
Any fee that applies to your file is disclosed in writing before you commit. On private files, lender fees and broker fees, where they apply, are disclosed in writing before you commit. lendsimpl is licensed and regulated by FSRA (Brokerage #13763), required to disclose fully and act in your interest.
Still have questions?
Talk to a licensed broker.
Your situation may call for more than a renewal. Explore what else we offer.
Mortgage renewal in your city
Many lenders let you start up to 120 days early. Compare 50+ lenders before you sign. Any fee that applies to your file is disclosed in writing before you commit.
Any fee that applies to your file is disclosed in writing before you commit.
Pick a slot for a 30-minute call with a licensed broker directly below.
Hello: I look forward to connecting with you. Tell us a bit about your situation and we'll walk through your options.