When your term expires, your bank sends a renewal letter and hopes you sign quickly. Our brokerage shops 70+ lenders to find what you actually qualify for — and it costs nothing to find out.
Matthew will review your information and reach out within 2 business hours to walk you through your options.
When your mortgage term expires, your lender sends a renewal offer — usually 120 days out. The offer is designed to look straightforward. Many homeowners sign it without knowing they have options.
Renewal is the one moment in your mortgage cycle when you can move to any lender in Canada without paying a prepayment penalty. The market has changed, your life has likely changed, and what qualified you five years ago may look very different today.
Our brokerage reviews your renewal against 70+ lenders — not just to find a better rate, but to make sure the product, term, and structure still fit where you are now.
At term end, you can move to any lender in Canada with no prepayment charge. Your renewal is the window to shop freely.
Income, family size, property value, debt load — a lot changes over five years. Renewal is the time to reassess what structure fits you now.
Renewal is the right moment to switch between fixed and variable — or to choose a different term length that matches where rates are headed and your own risk tolerance.
Renewal lets you adjust your remaining amortization and payment schedule — useful if cash flow needs have shifted.
The best renewal outcomes happen when you start planning 12–18 months out — not 30 days before your term expires in a panic.
Our brokerage reviews your existing mortgage — rate, balance, remaining term, prepayment penalty if applicable — so you know exactly where you stand. No surprises later.
Sometimes breaking a mortgage early and paying a penalty makes financial sense. More often, waiting for the renewal date is the smarter move. We run both scenarios and show you the numbers clearly.
If you want to renovate, consolidate debt, or change your mortgage structure, we map out exactly what needs to be in place so you're ready to act the moment your term expires — penalty-free.
This conversation doesn't lock you into anything. It gives you a clear picture of your options and a plan to act on at the right time. Most homeowners wish they'd started this conversation sooner.
Not before comparing. Your bank's first renewal offer is a starting point, not necessarily their best offer — and it is almost certainly not the best available in the market. At renewal, you can switch to any lender in Canada without a prepayment penalty. Our brokerage compares your bank's offer against 70+ lenders at no cost to you, and you decide what makes sense.
Yes, and it costs nothing to do so. When your mortgage term expires, you are free to move your mortgage to any federally regulated lender in Canada without paying a prepayment penalty. The new lender typically covers the legal and administrative costs of the transfer. You do go through a qualification process with the new lender, but our brokerage handles that and only submits your application when approval is highly likely.
120 days (4 months) before your renewal date is the standard starting point — most lenders allow you to lock in a rate that far in advance without penalty. If you want to make changes such as pulling equity for renovations or restructuring your amortization, starting 6–12 months out gives us time to plan properly. Waiting until 30 days before your term expires significantly limits your options.
Yes — renewal is one of the most cost-effective ways to fund renovations, since you can access equity without a prepayment penalty. If your renovation plans are a key part of your renewal decision, our brokerage reviews the numbers across both at the same time. Learn more about renovation and construction financing on our Home Renovation & Construction Mortgage page.
Renewal is when your existing term expires and you set new terms — rate, product, and lender — for the next cycle. There is no prepayment penalty at renewal. Refinancing means changing your mortgage amount, lender, or terms before your renewal date, which typically triggers a prepayment penalty. Both can achieve similar goals (accessing equity, getting a better rate, restructuring debt), but the timing and costs are different. Our brokerage helps you understand which option makes financial sense for your situation.
Renewal is the right time to address it. If your income has changed — whether higher, lower, or structured differently (self-employed, contract, retired) — different lenders have different qualification criteria. Our brokerage works with 70+ lenders including alternative lenders who assess applications differently than banks. A change in your financial situation since your last mortgage doesn't mean you're stuck with your current lender's offer.
No — it's actually the right time. Starting 12–18 months out means we can review your current mortgage, map out your options, plan for any changes you want to make (renovations, debt consolidation, restructuring), and have everything in place so you can act immediately when your term expires. Homeowners who start this conversation early have more choices and less pressure than those who wait until the renewal letter arrives.
One conversation with our brokerage covers your current mortgage, the market, and what your options actually are — before your bank's deadline arrives.
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