Renewal

Don't just sign your bank's renewal letter. Save thousands.

We compare your bank's renewal offer against 100+ lenders — and most clients save 0.30% to 0.60% off the rate they were sent. That's about $4,200 in savings over a 5-year term on a $500,000 mortgage.

120-day rate lockSwitch lenders easilyCompare RBC / TD / Scotia / BMONo stress test on transfer$0 broker feeRe-shop if rates drop

5-star rated| FSRA #13737| 5-min pre-qualification

Written by the Mortgage Squad Advisors Editorial Team · Reviewed by the Principal Broker, FSRA #13737 · Updated June 2026

Today’s best 5-yr fixed

4.19%

across 50+ lenders

Your estimated payment

$3,218/mo

Property value$750,000

Down payment$150,000

Get pre-approved Full math

Maya · AI · 24/7

Tell me about renewal mortgages

5-star rated| FSRA #13737| 50+ langs

The single most expensive financial decision most Canadians make is signing their bank’s first renewal letter. 30 bps over 5 years on a $500K balance = $7,500 of unnecessary interest. We’ve never had a client beat their bank’s second offer by less than 20 bps once we’re in the conversation. Don’t leave money on the table.

Your bank’s renewal letter is rarely their best offer — it’s a starting point designed to capture your inertia. 120 days before your maturity, we benchmark your letter against the full Canadian lender market: RBC, TD, Scotia, BMO, CIBC, National Bank, MCAP, First National, MERIX, plus credit unions and B-tier where appropriate. Switching is paperwork, not pain — and most lenders cover the discharge fee + appraisal as a transfer incentive.

What you get

Why Canadians choose Mortgage Squad Advisors.

Free benchmarking against 50+ Canadian lenders within 24 hours

Average client beats their bank's first offer by 30-60 bps

Mortgage Squad Advisors Loyalty Rate for return clients — best rate before anyone new

Switch paperwork handled end-to-end — appraisal + legal + discharge

Discharge fee + appraisal often covered by the new lender (transfer incentive)

Refinance vs. straight renewal comparison if your situation has changed

120-day pre-maturity rate hold — we re-shop if rates drop

Maya AI tracks your maturity and reminds you 120 days out automatically

Skip the stress test on certain straight transfers (we tell you which)

$0 fee to you — lenders pay us on funding (always disclosed)

Maya · 24/7 AI advisor

Have a question right now? Maya answers instantly in 50+ languages.

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How it works

Three simple steps, no pressure.

Bring us your renewal letter

Forward the PDF or take a photo — we benchmark it against 50+ lenders within 24 hours and email you a written comparison.

We negotiate or switch

Often we beat your existing lender and they match — quickest path. Sometimes a transfer is materially better — we handle the appraisal, lawyer-light paperwork, and timing so there's no gap.

Sign and save

E-sign in your portal in under 5 minutes. Your old payment auto-stops, the new one starts the same day. Rate hold protects you for 120 days; we re-shop if rates drop before you sign.

Run the math first

Why is the 2025–26 renewal wave such a big deal?

Roughly 60% of all outstanding Canadian mortgages come up for renewal in 2025 and 2026 — the largest concentrated renewal wave in a generation. Most of these were locked during the pandemic at 1.5% to 2.5%, and they’re now maturing into a market where qualifying fixed rates sit in the 4% to 5% range. On a $500,000 balance, moving from 2% to 4.5% can lift a payment by $600–$700 a month — what lenders call “payment shock.” You can’t make the rate environment disappear, but you can blunt the impact: shop 120 days early, benchmark against 50+ lenders instead of accepting one letter, and model amortization and product changes before you sign. The clients who get hurt are the ones who do nothing and let the renewal auto-process. Engage early and the shock becomes a managed adjustment, not an ambush. Model your new payment first.

Why shouldn’t I just sign the renewal letter my bank mailed me?

Because that first letter is engineered to be the most profitable outcome — for the bank. It quotes a posted or lightly-discounted rate and counts on your inertia: most Canadians sign it without comparing anything. Banks know that every basis point you don’t negotiate is pure margin, and they reserve their sharpest pricing for clients who show a competing offer. Start 120 days before maturity — the federal pre-maturity window — and make the market work for you. We take your letter and benchmark it against 50+ Canadian lenders, including the big banks, monolines, and credit unions. Frequently your current lender will match a better quote once they see one; sometimes a switch wins outright. Either way, the letter becomes your floor, not your ceiling. As an FSRA-licensed brokerage (#13737), our compensation is paid by the funding lender and disclosed in writing — there’s no fee to you for the comparison.

Renew, switch, or refinance — which one is right for me?

These are three different decisions, and conflating them costs money. Renewing means staying with your current lender on a new term — fastest, no re-qualification, but only as good as the rate you negotiate. Switching (a transfer) moves the same balance to a new lender for a better rate; the new lender often covers discharge and appraisal, so it’s typically $0-cost, but you re-qualify under the stress test. Refinancing changes the loan itself — pulling equity, consolidating high-interest debt, or resetting amortization — and re-registers the mortgage. Switch when it’s purely about a lower rate on the same balance. Refinance when your situation has changed and you need to restructure. Renew when speed or qualification constraints outweigh a marginal rate gain. We run all three side by side so the math, not a sales pitch, picks the winner. See refinancing options or a HELOC if you need access to equity.

Can I always switch lenders at renewal, or is my mortgage “stuck”?

Not always — and this is the trap most people never hear about. Some lenders register your mortgage as a collateral charge rather than a standard charge. TD and Tangerine do this by default, and any readvanceable or HELOC-bundled mortgage is collateral-charged. A collateral charge generally can’t be assigned to a new lender at renewal, so switching isn’t a simple paperwork transfer — it requires discharging the old registration and creating a new one, which usually means legal fees of around $1,000 that a standard switch wouldn’t incur. That doesn’t mean you’re trapped; it means the math is different, and we check your charge type before recommending a move. Often the rate savings still beat the registration cost, but you deserve to see the real net number first. We confirm how your mortgage is registered up front so there are no surprises at the lawyer’s office.

Will switching lenders make me re-qualify under the stress test?

It depends entirely on whether you stay or move. If you stay with your current lender and accept a renewal, you generally do not re-qualify or re-pass the stress test — even if your income dropped or your credit changed, the renewal is offered without fresh underwriting. If you switch to a new lender, you’re treated as a new applicant and re-assessed under OSFI’s B-20 guideline: you must qualify at the greater of your contract rate plus 2% or 5.25%. That matters if your income fell or debts rose since you last qualified. One important exception — many provincially-regulated credit unions aren’t bound by B-20 and can qualify you on your actual contract rate, which can be the difference between approval and decline. We flag which lenders re-qualify under B-20 and which use contract rate, so a tight file still has a path. FSRA #13737; service available in 50+ languages.

How can I lower my payment at renewal if money is tight?

You have more levers than the rate alone. The biggest is amortization: switching lenders lets you re-amortize back up to 25 or 30 years, which can meaningfully cut the monthly payment — useful when payment shock threatens your cashflow. The trade-off is more lifetime interest, so it’s a cashflow tool, not a savings one; use it deliberately. A blend-and-extend stays with your current lender and blends your existing rate with current pricing into a new, longer term — sometimes worthwhile, but banks rarely price the blend in your favour, so we always benchmark it against a clean switch. We can also structure prepayment privileges so you can accelerate later once your finances recover. The goal is a payment you can sustain today without quietly signing up for years of avoidable interest. We model each option net of penalty and registration cost before you commit, and disclose every fee in writing.

“My bank offered me a renewal rate that felt way too high. I called Mortgage Squad Advisors on a Tuesday — by Thursday they had me nearly a full percent lower with a different lender. Same product, same term. That's over $400 a month back in my pocket.”

— Christine L., Renewal client, Ottawa ON

FAQ

Common questions, answered.

Don’t see yours? Ask Maya — instant answer, any time.

When should I start shopping for my mortgage renewal?

120 days before your maturity. That's the federal regulatory window for transferring without penalty, and it gives lenders time to compete for your file. Most clients don't realize their bank has been holding back its best offer until they show a competing quote.

Will I have to re-qualify under the stress test?

If you stay with your current lender at offered renewal, generally no re-qualification. If you switch lenders (a transfer), the new lender re-qualifies you at the greater of contract rate +2% or 5.25% (OSFI B-20). Certain credit unions and provincial lenders qualify on contract rate — we tell you which ones.

Are there fees to switch lenders at renewal?

Often $0 to you. New lenders cover the discharge fee (~$300) and appraisal (~$300) as a transfer incentive on most A-lender transfers. If a fee is unavoidable, it's disclosed in writing before you commit.

What if my situation changed since I last qualified?

We model both your current lender's renewal AND a refinance scenario. Sometimes refinancing to consolidate high-interest debt, reset amortization, or access equity is materially better than a straight renewal. Net-of-penalty math first, recommendation second.

Should I go fixed or variable at renewal?

Depends on your rate outlook and risk tolerance. Today (mid-2026), variable trades at ~15 bps below fixed with Bank of Canada cuts priced in. Historically variable wins ~70% of the time over 5-year holds but fixed gives certainty. Maya runs the math both ways for your specific file in 60 seconds.

How much does Mortgage Squad Advisors charge for renewal service?

$0 to you on standard residential renewals. The new lender pays us a finder fee (typically 0.50%–1.10% of the funded amount) on closing. We disclose the exact compensation on every file.

What's the Renewal Loyalty Rate?

If Mortgage Squad Advisors funded a previous mortgage for you, you automatically get our absolute best available rate at renewal — before we offer it to anyone new. It's our way of saying thank you for trusting us with your file the first time.

What if I miss the 120-day window?

You can still switch on maturity day, but you'll have less leverage. Don't let your bank auto-renew without comparison — even a 60-day notice gives us room to compete. Mortgage default penalties don't apply at maturity, only before.

How long does the renewal process take?

Median timeline: 7-14 business days from us receiving your renewal letter to a signed mortgage commitment. Documents required: photo ID, current mortgage statement, property tax bill, employment confirmation. Most files don't need a new appraisal on straight transfers.

Can I extend my amortization at renewal?

Yes — switching lenders allows you to extend amortization back up to 25-30 years (depending on insurance status), which can drop your monthly payment. Just remember: longer amortization = more lifetime interest. Best for cashflow improvement, not lifetime savings.

Related products

Refinance instead?Fixed vs variable Open vs closed 3-year vs 5-year term Collateral vs standard charge Moving? Port your mortgage Renewal comparison calculator Prepayment penalty calculator Blend & extend calculator Renewal Loyalty Rate Today's best rates

Related guides

Go deeper on this topic.

5 Reasons Not to Auto-Renew Your Mortgage With Your Bank (2026)10 Questions to Ask Your Lender at Mortgage Renewal (2026)What Happens at Mortgage Renewal in Canada? (2026)5 Best Mortgage Terms in Canada and Who Each Is For (2026)

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