“My renewal letter came. Signing it felt like giving up.”
1.15 million Canadian mortgages renew this year — and the homeowners who act 6–12 months early, instead of auto-signing, are the ones restructuring debt, rate and amortization in a single move. See what the renewal letter doesn’t tell you, and what your window actually is.
FSRA licensed · 70+ banks & lenders · 20+ years experience
The letter’s offer isn’t the market.
Renewal letters rarely lead with the lender’s best rate, let alone the market’s. Here’s the shape of file we see every week — same home, same balance, half a point apart. On $620,000, that half point is about $250 kept, every month, for the length of the term. And since late 2024, most straight switches no longer require a new stress test.
Carrying other debt, or want to extend the amortization? That door is a refinance →
Illustrative example only. Rates change frequently and are subject to lender approval, credit qualification, and property review (OAC). Renewal volume: CMHC Residential Mortgage Industry Report. Straight-switch stress-test exemptions subject to federal rules in effect at time of application.
A renewal is a brand-new negotiation
Your lender is counting on you signing the letter and moving on. Treating renewal as a fresh decision is the single easiest way to save money on your mortgage.
The letter isn't the market
Renewal letters rarely lead with the lender's best rate, let alone the market's. A quick comparison usually beats the printed offer.
Switching is often free
At maturity there's no penalty to leave, and many lenders cover the transfer, appraisal and legal costs to win your business.
Reset the structure
Renewal is the moment to revisit amortization, fixed versus variable, and prepayment privileges so the mortgage fits your life today.
Consolidate penalty-free
Carrying credit cards or a car loan? Rolling debt into your mortgage at renewal avoids the breakage penalty a mid-term refinance would trigger.
The renewal timeline
120 days out
Rates can be held for up to 120 days, so the smart window opens four months before maturity. Starting early costs nothing and protects you if rates rise.
30 days out
Still time. Straight switches are streamlined and can close well within a month.
Already auto-renewed?
Some lenders auto-renew into short terms at posted rates. If that just happened to you, call, exit costs from a short term are usually small compared to what's on the table.
Frequently asked
Does switching lenders at renewal cost me anything?
Do I have to requalify to switch?
When should I start shopping my renewal?
Other ways we can help
Mortgage Refinance
Unlock equity, consolidate high-interest debt, fund renovations or invest, without selling your home.
Learn more →Second Mortgage
A second sits behind your first, the low rate stays exactly where it is, and can fund in days, not weeks. See when a second beats a refinance, and when it doesn't.
Learn more →Reverse Mortgage
Tax-free access to home equity with no required monthly mortgage payments, for homeowners 55+.
Learn more →Your next step starts with a conversation.
Free, confidential and no-obligation. Bring your renewal letter, leave with a plan.