Mortgage Renewal
Renewal is the one moment you hold real leverage. We use it to re-shop your rate across 50+ lenders at no cost to you.
Get a Free Renewal ReviewAbout four to five months before your mortgage term ends, your lender is required by federal regulation to send you a renewal statement — at minimum 21 days before maturity. That statement will include their offered renewal rate. It won't be their sharpest rate. It'll be something slightly better than their posted rate, designed to look competitive without actually being it.
Most people sign it. They're busy. The rate looks reasonable. The mortgage just renews automatically and life goes on. That decision costs them — often significantly. On a $600,000 outstanding balance, a quarter point of difference in rate works out to roughly $1,500 per year. Over a 5-year term that's $7,500. A half point is $15,000.
The problem is that your lender knows you probably won't switch. Switching lenders has a reputation for being complicated. It's actually not — especially at renewal, when there's no prepayment penalty, and when the new lender typically covers the legal transfer costs for a straightforward switch. The "friction" of switching is mostly friction your current lender is counting on you to feel.
Start shopping 120 days before your maturity date. That's the window where most lenders will honour a rate hold without triggering a penalty on your current term. It also gives you time to actually compare, not rush.
You don't have to switch lenders if your current one comes back with a competitive offer. We'll tell you honestly whether to stay or go. Sometimes the best move is a counter-negotiation with your existing lender using a competing offer as leverage. We've done that for clients and it works.
One thing worth knowing: at renewal, you don't re-qualify under the stress test if you're staying with your current lender. But if you switch lenders, the new lender will qualify you at the stress test rate. For most borrowers with stable income this isn't an issue — but if your situation has changed since your original purchase, it's worth knowing before you commit to a switch.
Renewal is also the right time to look at whether your current mortgage structure still fits your life. Did you buy a home and now you want to renovate? Are you planning to sell in 2-3 years? Did your income situation change? These factors affect whether a fixed or variable rate makes more sense for your next term, what amortization you want, and whether prepayment privileges matter to you.
We'll go through all of it — not just quote you a rate and call it done. A 5-year fixed is the right answer for some people in renewal. A shorter term at a better rate, positioned to align with a planned sale, is the right answer for others. The math is different case by case.
If you also want to access equity at renewal — for a renovation, debt consolidation, or investment — that layers in a refinance component. See the refinance page for more detail on how that works. Or start with a HELOC if you want flexible access rather than a lump sum.
Very little. Tell us when your mortgage matures, approximately what's outstanding, and your property address. We'll pull comparable rate options from our lender panel and give you a clear picture of what the market is actually offering for your profile. From there you decide whether to move forward.
Tell us your maturity date. We'll show you what the market is actually offering — before you sign anything.
Start My Renewal ReviewCompare renewal scenarios:
Mortgage Calculator →Common questions
You can start shopping 120 days before your maturity date without triggering a penalty on your current term. Some lenders will go to 150 days. Starting early gives you breathing room to compare properly rather than rushing a decision in the final weeks.
At renewal there's no prepayment penalty — your term has ended. For a straightforward mortgage switch, the new lender typically covers the legal transfer costs. The actual cost to you is usually zero. More complex situations (adding equity, changing structure significantly) may involve some fees, which we'll disclose upfront.
You'll get your lender's posted renewal rate — not their competitive rate. Banks know most clients won't switch, so they don't need to offer their sharpest pricing to retain you. On a large mortgage balance, that difference adds up over the term. Renewal is the one moment where comparison-shopping costs nothing and the savings potential is real.
Adding funds at renewal is effectively a refinance layered onto the renewal. It requires re-qualification and involves legal costs, but it's a clean way to access equity if your goals have changed. We'll tell you whether doing it at renewal versus a mid-term refinance makes more financial sense for your specific numbers.
Let us know and we'll have a comparison ready before you need to make any decision.